HANOI, Jan 8 (Reuters) - London copper prices on Friday were set for their biggest weekly rise since July last year, on hopes for more stimulus from the United States.
Three-month copper on the London Metal Exchange rose 0.6% to $8,229 a tonne by 0246 GMT, up 6% on a weekly basis, while the most-traded February copper contract on the Shanghai Futures Exchange advanced 2.2% to 60,440 yuan ($9,344.61) a tonne.
President Donald Trump conceded on Thursday that Joe Biden will be the next U.S. president shortly after Democrats took control of the crucial Senate chamber, raising the chances of new stimulus and infrastructure spending that could boost metals demand.
FUNDAMENTALS
* LME aluminium fell 0.5% to $2,026 a tonne, nickel declined 0.6% to $18,000 a tonne while zinc declined 0.1% to $2,885.50 a tonne.
* ShFE aluminium rose 1.4% to 15,520 yuan tonne, nickel advanced 1.1% to 132,870 yuan a tonne and zinc increased 0.8% to 21,650 yuan a tonne.
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MARKETS NEWS
* Asian stocks opened higher, with Japan hitting a three-decade high as investors looked beyond rising coronavirus cases and political unrest in the United States and bet on an economic recovery later in the year.
DATA/EVENTS (GMT)
0700 Germany Industrial Output MM Nov
0745 France Reserve Assets Total Dec
0830 UK Halifax House Prices MM Dec
1000 EU Unemployment Rate Nov
1330 US Non-Farm Payrolls Dec
1330 US Unemployment Rate Dec
1330 US Average Earnings YY Dec
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.4679 yuan) (Reporting by Mai Nguyen; Editing by Shailesh Kuber)