July 15 (Reuters) - Copper prices rose on Thursday as weaker-than-expected economic data from top consumer China raised hopes the country would implement further monetary easing to prop up growth.
Three-month copper on the London Metal Exchange advanced 0.4% to $9,383 a tonne by 0324 GMT, while the most-traded August copper contract on the Shanghai Futures Exchange was almost unchanged at 68,640 yuan ($10,614.05) a tonne.
China's gross domestic product expanded 7.9% year-on-year in the second quarter, missing expectations of a 8.1% rise in a Reuters poll, due to slowing manufacturing activity, higher raw material costs and new COVID-19 outbreaks.
The bleak data came amid market speculation of further monetary easing after China's surprised cut of banks' reserve requirements last week.
Some market watchers say a cut in the country's benchmark prime loan rate may be next.
FUNDAMENTALS
* The European Commission put forward plans for the world's first carbon border tax on imports of carbon-intensive steel, aluminium, 바카라 cement, fertilisers and electricity, as part of a programme to meet its new climate target.
* LME aluminium dipped 0.2% to $2,520 a tonne and nickel rose 0.3% to $18,640 a tonn
/>ShFE aluminium shed 0.2% to 19,220 yuan a tonne, lead jumped 1.7% to 15,865 yuan a tonne and tin climbed 0.8% to 221,870 yuan a tonne.
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MARKETS NEWS
* Asian shares held firm after Federal Reserve Chair Jerome Powell said the U.
/>economy was "still a ways off" from levels the central bank wanted to see before tapering its monetary support.
DATA/EVENTS (GMT)
0600 UK Claimant Count Unem Chng June
0600 UK ILO Unemployment Rate May
1000 EU Reserve Assets Total June
1230 US Initial Jobless Clm Weekly
1230 US Philly Fed Business Indx July
1315 US Industrial Production MM June
($1 = 6.4669 yuan) (Reporting by Mai Nguyen in Hanoi; editing by Vinay Dwivedi)
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