Nov 27 (Reuters) - London copper was on track for its fourth
straight weekly gain on Friday, as hopes of a vaccine against
COVID-19 buoyed prospects of a swift global economic recovery,
while falling global inventories also aided sentiment.
Combined copper stockpiles in LME, ShFE, COMEX and Chinese
bonded warehouses fell to 692,510 tonnes, their lowest since
Oct. 12, driven by a drop in ShFE inventories <CU-STX-SGH> that
were near a six-year low at 96,766 tonnes, Refinitiv Eikon data
Three-month copper on the London Metal Exchange rose
0.2% to $7,417 a tonne by 0238 GMT, up 1.9% on a weekly basis.
LME copper has leaped 70% from the 2020 low hit in March of
$4,371 a tonne, as investors hoped the world's activities could
soon return to normalcy following positive COVID-19 vaccine
results, while global stimulus, a weaker dollar and a rebound in
demand also boosted prices.
The most-traded January copper contract on the Shanghai
Futures Exchange advanced 1% to 55,490 yuan ($8,433.52)
a tonne, also on track for the fourth straight week of gain.
* LME nickel hit a one-year high at $16,450 a tonne,
while ShFE nickel rose as much as 3% to near a
one-month high at 122,940 yuan a tonne. LME aluminium
advanced 0.4% to $1,984 a tonne and ShFE aluminium was
up 1.5% to 16,215 yuan a tonne.
* For the top stories in metals and other news, click
* Asian shares fell slightly, pulling back from a record
high hit earlier this week, amid renewed doubts about a
highly-anticipated coronavirus vaccine and concern about the
economic impact from the pandemic.
DATA/EVENTS AHEAD (GMT)
0745 France GDP QQ Final Q3
0745 France CPI (EU Norm) Prelim YY Nov
1000 EU Consumer Confidence Final Nov
1100 Brazil IGP-M Inflation Index Nov
1200 India GDP Quarterly YY Q2
($1 = 6.5797 yuan)
(Reporting by Mai Nguyen; Editing by Rashmi Aich)