METALS-Most base metals rise on China data, weak dollar

(Updates prices as of 0707 GMT) BEIJING, Dec 27 (Reuters) - Prices of most base metals rose on Wednesday after data showed manufacturing activity in top consumer China improved last month, while a weak U.S. dollar also lent support to the market. Three-month copper on the London Metal Exchange CMCU3 gained 0.6% to $8,625 per metric ton by 0707 GMT as trade resumed after the Christmas break. The most-traded February copper contract on the Shanghai Futures Exchange SCFcv1 edged up 0.1% to 69,260 yuan ($9,693.90) per ton. China's November industrial profits posted double-digit gains as overall manufacturing improved, further supporting investors' optimism about copper on energy transition-led demand and tightened supply outlook amid recent mine closures. However, near-term price gains might be limited by lacklustre spot demand, analysts at Guotai Junan Futures said in a note. Spot demand in China was subdued after a burst of restocking seen recently, reversing premiums to discounts of 110 yuan per ton on Tuesday SMM-CU-PND . The dollar index =USD edged higher, but held close to a five-month low. The dollar was poised for its worst performance since 2020 as rising expectations of rate cuts from the Federal Reserve dented the appeal of the U.S. currency. A weaker dollar makes it cheaper to buy the greenback-priced metal. Hundreds of workers in Indonesia's nickel industry staged a peaceful rally on Wednesday to demand better standards of work safety after a fatal accident. However, operations have not been affected. LME aluminium CMAL3 shed 0.1% at $2,323.50 a ton, while zinc CMZN3 was up 0.9% to $2,624.50, lead CMPB3 climbed 0.6% to $2,076, nickel CMNI3 added 1.5% at $16,750, and tin CMSN3 rose 2.8% to $25,570. SHFE aluminium SAFcv1 increased 0.7% to 19,325 yuan a ton, tin SSNcv1 rose 2.7% to 213,910 yuan, lead SPBcv1 ticked up 0.7% to 15,840 yuan, zinc SZNcv1 gained 0.3% to 21,455 yuan, while nickel SNIcv1 was down 0.8% to 129,550 yuan. For the top stories in metals and other news, click TOP/MTL or MET/L ($1 = 7.1447 Chinese yuan) (Reporting by Siyi Liu and Andrew Hayley; Editing by Subhranshu Sahu) (([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 ))