METALS-Copper rises to one-month peak on signs of increased demand

(Updates prices) By Pratima Desai LONDON, Jan 13 (Reuters) - Copper prices hit one-month peaks on Monday on expectations of stronger global growth and demand, particularly in top consumer China, which increased imports of the industrial metal last month. However, the bullishness was offset by a firmer U.S. currency that makes dollar-priced metals expensive for holders of other currencies, meaning it could subdue demand. Benchmark copper CMCU3 on the London Metal Exchange (LME) was little changed at at $9,094 a metric ton at 1703 GMT after touching its highest since Dec. 12 at $9,150. China's imports of unwrought copper and copper products hit a 13-month high in December, rising by nearly 18% year-on-year to 559,000 metric tons, customs data showed. Another indication of stronger demand is the Yangshan premium SMM-CUYP-CN , a gauge of China's appetite for importing copper, which at $73 a ton has gained 70% since early November. "The economic backdrop is reasonably positive and improving said Dan Smith, head of research at Amalgamated Metal Trading. "China's trade data showed a decent surplus. Part of that is people rushing to send stuff to the U.S., but that's not the whole story." Analysts say concern about tariffs on imports to the United States after U.S. President-elect Donald Trump takes office next week explains some of the rise in China's exports. Sentiment was also boosted by the monthly U.S. jobs report on Friday that suggested robust growth in the world's largest economy. Looking ahead, traders await China's loan and total social financing (TSF) numbers for December. Metals analysts use TSF as an indicator of industrial metals demand. Elsewhere, aluminium CMAL3 hit a four-week high at $2,589.5 a ton on concern over sliding stocks in LME-registered warehouses, which have dropped 45% since May last year to 619,375 tons. MALSTX-TOTAL Cancelled warrants - metal marked for delivery - at nearly 60% suggest more aluminium will leave LME warehouses over coming days and weeks. Market concern about tight supplies on the LME system have narrowed the discount for the cash aluminium over the three-month contract CMAL0-3 to about $13 a ton from more than $40 in December. Three-month aluminium gained 0.1% at $2,574 a ton, zinc CMZN3 was down 0.1% to $2,865.50, lead CMPB3 slipped 1% to $1,956 and tin CMSN3 climbed 0.2% to $29,950 while nickel CMNI3 advanced 1.5% to $15,890. (Reporting by Pratima Desai Editing by David Goodman and Barbara Lewis) (([email protected])) (( For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C Foreign exchange rates FX= SPEED GUIDES LME/INDEX ))