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METALS-Copper, aluminium rise on hopes of recovery in China

       June 16 (Reuters) - Copper and aluminium prices rose on
Thursday, supported by lower inventories, hopes of recovery in
top metals consumer China and a 75 basis point interest rate
hike by the U.S. Federal Reserve in a widely expected move.

    * Three-month aluminium on the London Metal Exchange
gained 2% to $2,645 a tonne, as of 0247 GMT, while copper
        rose 1% to $9,322 a tonne.
    * The most-traded July aluminium contract in Shanghai
         was up 1.3% at 20,175 yuan ($3,013.44) a tonne.
    * Aluminium stocks in LME-registered
warehouses fell to a fresh 21-year low of 416,125 tonnes,
compared with nearly 2 million tonnes in March 2021.
    * At 121,525 tonnes, copper stocks in LME-registered
warehouses have dropped more than 30% since the middle of May.

    * China's economy showed signs of recovery in May after
slumping in the prior month as industrial production rose
    * China's monthly production of aluminium reached a record
high in May following easing in power consumption curbs and as
COVID-19-induced lockdowns had little impact on output.

    * The U.S. central bank on Wednesday approved its biggest
interest rate hike since 1994, lifting the target federal funds
rate by 75 basis points to a range of between 1.5% and 1.75%.

    * The dollar retreated from a 20-year high, making
greenback-priced commodities cheaper for buyers using other

    * Asian stocks rose on Thursday, while longer-dated U.S.
government bond yields fell and the dollar was down from
two-decade highs after the U.S. Federal Reserve delivered an
aggressive rate hike and cut its growth projections.

    1100  UK         BOE Bank Rate             June
    1100  UK         GB BOE QE Corp            June
    1230  US         Housing Starts Number     May
    1230  US         Initial Jobless Clm       Weekly
    1230  US         Philly Fed Business Indx  June

    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

($1 = 6.6950 Chinese yuan renminbi)

 (Reporting by Brijesh Patel in Bengaluru; Editing by Rashmi

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