Recasts, updates prices

By Mai Nguyen

Aug 15 (Reuters) -Prices of most nonferrous metals rose on Thursday, helped by the hopes of a U.S. interest rate cut and Chinese stimulus measures, following disappointing economic data in from the top metals consumer.

Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.7% to $9,032 per metric ton by 0704 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 closed up 0.9% at 72,830 yuan ($10,177.47) a ton.

The dollar was on the back foot after data showed U.S. inflation was slowing, raising hopes that the Federal Reserve could cut rates next month. A weaker dollar makes greenback-priced metals cheaper to holders of other currencies.

Official data showed China's factory output growth slowed and missed expectations in July, while data earlier in the week showed bank lending tumbled more than expected in July and hitting the lowest in nearly 15 years.

The disappointing data from China, which accounts for about half of global metals consumption, raised hopes of Chinese stimulus which will likely boost metals demand.

Market participants are also keeping an eye on a strike at BHP's BHP.AX Escondida mine, which produced nearly 5% of the world's copper last year. Mine supply has been tight and partly contributed to copper prices hitting record highs in May.

However, gains were limited due to high LME copper stockpiles MCUSTX-TOTAL, which were at the highest since September 2019. Most inflows were into South Korea and Taiwan, the closest LME warehouses to China.

"There's a supply of sellers of copper at between $9,000 and $9,050, and this is in the face of the Escondida strike. High Asia copper inventories are spoiling the mood for the metal to rally," said a trader.

LME aluminium CMAL3 rose 0.5% to $2,347 a ton, lead CMPB3 increased 1.2% to $2,033.50, zinc CMZN3 edged up 0.4% at $2,725, tin CMSN3 advanced 0.5% to $31,580 and nickel CMNI3 was up 0.4% at $16,335.

SHFE aluminium SAFcv1 rose 0.9% to 19,205 yuan a ton, nickel SNIcv1 advanced 1.1% to 129,450 yuan, zinc SZNcv1 increased 0.5% to 22,890 yuan, lead SPBcv1 climbed 0.6% to 17,530 yuan and tin SSNcv1 climbed 1.7% to 260,260 yuan.

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Reporting by Mai Nguyen in Hanoi; Editing by Eileen Soreng, Janane Venkatraman and Rashmi Aich

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