July 25 (Reuters) - Prices of most nonferrous metals rose on Tuesday, supported by pledges from Chinese leaders to shore up economic growth in the world's biggest metals consumer.
Three-month copper on the London Metal Exchange advanced 0.8% to $8,587 per metric tonne by 0347 GMT, while the most-traded August copper contract on the Shanghai Futures Exchange climbed 0.8% to 68,930 yuan ($9,636.25) per metric tonne.
Chinese top leaders pledged on Monday to ramp up policy support for the economy, with investors hoping for further easing in restrictions in the troubled property market, a sector that consumes a vast amount of metals.
LME aluminium advanced 0.5% to $2,221 per metric tonne, zinc increased 0.6% to $2,430.50, tin was up 0.9% at $28,850, while nickel fell 0.2% to $21,385 and lead was down 0.1% at $2,172.
SHFE aluminium rose 0.7% to 18,390 yuan per metric tonne, zinc was up 1.6% at 20,385 yuan and tin climbed 1% to 234,590 yuan.
SHFE nickel climbed as much as 2% to 172600 yuan per metric tonne, a level unseen since May 9, and SHFE lead reached its highest since December 2022 of 16,210 yuan.
China's major state-owned banks were seen selling U.S. dollars to buy yuan in early Asian trade to prop up the Chinese currency, three people with direct knowledge of the matter said.
A stronger yuan makes dollar-denominated metals more affordable for Chinese buyers.
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DATA/EVENTS (GMT)
0800 Germany Ifo Business Climate New Jul
0800 Germany Ifo Curr Conditions New Jul
0800 Germany Ifo Expectations New Jul
1000 UK CBI Business Optimism Q3
1400 US Consumer Confidence Jul
-- US Federal Reserve's Federal Open Market
Committee starts two-day meeting on interest
rates (to July 26)
($1 = 7.1532 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu)
