Aug 26 (Reuters) - Copper prices rose on Friday as hopes grew that fresh stimulus measures in top metals consumer China would boost demand, while better-than-expected economic data from the United States and Europe also supported the market.
Three-month copper on the London Metal Exchange was up 0.5% at $8,172 a tonne, as of 0150 GMT. It has gained 1% so far this week.
The most-traded September copper contract on the Shanghai Futures Exchange climbed 1.3% to 63,450 yuan ($9,259.66) a tonne.
China will add 19 new policies on top of the existing steps unveiled in May, including raising the quota on policy financing tools by 300 billion yuan ($43.69 billion), to support its COVID-hit economy.
The U.S. economy contracted at a more moderate pace than initially thought in the second quarter as consumer spending blunted some of the drag from a sharp slowdown in inventory accumulation, dispelling fears that a recession was underway.
The German economy grew in the second quarter, propped up by household and government spending and beating analyst expectations that saw it on the edge of a downturn, data showed on Thursday.
Peru, the world's No. 2 copper producer, expects the price of the metal to fall to $3.40 per pound in 2023 from an average of $3.90 this year, according to forecasts from the economy ministry released on Thursday.
The dollar held firm ahead of a keenly awaited speech from U.S. Federal Reserve Chair Jerome Powell, which traders hope could offer clues about the central bank's rate-hike plans.
LME aluminium was up 0.1% at $2,435 a tonne, zinc added 0.5% to $3,566, lead eased 0.2% to $1,971.5.
Shanghai aluminium fell 0.7%, zinc rose 0.9%, nickel gained 1.8%, lead was down 0.7%, and tin added 0.2%.
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DATA/EVENTS (GMT)
1230 US Consumption, Adjusted MM July
1400 US U Mich Sentiment Final Aug
1400 US Federal Reserve Chair Jerome Powell speaks on the economic outlook before the 2022 Jackson Hole Economic Symposium ($1 = 6.8523 Chinese yuan) (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)
