July 22 (Reuters) - Copper prices advanced on Thursday, as
investors appeared to shrug off worries over rising coronavirus
cases worldwide and as China, the world's top metals consumer,
decided to release less reserve metals than expected.
Three-month copper on the London Metal Exchange was
up 0.4% at $9,381 a tonne, as of 0316 GMT, while the most-traded
August copper contract on the Shanghai Futures Exchange
increased 0.8% to 68,740 yuan ($10,632.14) a tonne.
Copper is often used as a gauge of global economic health.
China will sell another 30,000 tonnes of copper, 90,000
tonnes of aluminium, and 50,000 tonnes of zinc from its state
reserves on July 29, less than the market has anticipated.
The auction marked the second sale by China this month as
the government aims to rein in skyrocketing commodity prices.
Meanwhile, a new study found two doses of Pfizer or
AstraZeneca's COVID-19 vaccine are nearly as effective
against the highly transmissible Delta coronavirus variant,
which has sparked concerns over economic recovery recently, as
they are against the previously dominant Alpha variant.
* ShFE lead climbed 1.1% to 15,935 yuan a tonne and
LME lead advanced 0.3% to $2,344.50 a tonne, as German
lead producer Berzelius Stolberg declared force majeure on metal
shipments from its Stolberg smelter in Germany due to floods.
* The global world refined copper market showed a deficit of
75,000 tonnes in April, compared with 13,000 tonnes deficit in
March, the International Copper Study Group said in its latest
* For the top stories in metals and other news, click
* Asian stocks rallied, bonds nursed losses and oil held
onto sharp gains as investors seemed to set aside virus jitters
for now and looked ahead to the European Central Bank for
reassurance that policy support will continue for some time.
0645 France Business Climate Mfg July
1145 EU ECB Refinance Rate July
1145 EU ECB Deposit Rate July
1230 US Initial Jobless Clm Weekly
1400 US Existing Home Sales June
1400 EU Consumer Confid. Flash July
($1 = 6.4653 yuan)
(Reporting by Mai Nguyen in Hanoi, Editing by Sherry