BEIJING, Oct 18 (Reuters) - Prices of most base metals gained on Wednesday as better-than-expected economic data from China brightened the demand outlook of the world's top consumer.
Three-month copper on the London Metal Exchange rose 0.8% to $8,037 per metric ton by 0447 GMT, and the most-traded November copper contract on the Shanghai Futures Exchange was up 0.6% at 66,590 yuan ($9,119.67) per ton.
China's economy grew at a faster-than-expected clip in the third quarter, data showed, while domestic consumption also picked up pace last month, suggesting the recent recovery may carry enough steam to reach Beijing's full-year growth target.
September set a record monthly high for China's non-ferrous metals output, which rose 7.3% on-year to 6.42 million tons.
That came amid robust demand for metals like copper and aluminium, supported by strong consumption from the renewable energy and infrastructure sectors.
A low stockpile of metals in China also underpinned the market.
Copper prices will be underpinned by lower on-warrant stocks, good spot market trading and a shortage of recycled material, analysts at Guotai Junan Futures said in a note.
Meanwhile, China's economic bounce also boosted the yuan to a one-week high and put a dampener on the U.S. dollar which has rallied for weeks on end as U.S. yields have climbed.
A stronger dollar typically makes it more expensive to buy greenback-priced metals.
LME aluminium gained 0.8% to $2,193.50 a ton, tin ticked up 0.3% to $25,450, zinc increased 0.8% to $2,441, lead rose 1.2% to $2,102, and nickel moved up 0.7% to $18,725.
SHFE aluminium added 0.5% to 18,930 yuan a ton, zinc climbed 1% to 21,215 yuan, lead was up 0.9% at 16,360 yuan, nickel little changed at 150,980 yuan, and tin gained 0.2% to 218,100 yuan.
For the top stories in metals and other news, click or ($1 = 7.3018 Chinese yuan renminbi) (Reporting by Siyi Liu and Dominique Patton; Editing by Subhranshu Sahu and Savio D'Souza)
