METALS-SHFE base metals edge up on positive domestic economic news

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By Violet Li and Mei Mei Chu

SHANGHAI, Dec 25 (Reuters) - Most base metals on the Shanghai Futures Exchange (SHFE) edged up on Wednesday, buoyed by positive macroeconomic news from the Chinese government.

China plans to boost fiscal support for consumption next year by increasing pensions and medical insurance subsidies for residents, and expanding trade-ins for consumer goods, according to a finance ministry announcement on Tuesday.

Meanwhile, Chinese authorities have agreed to issue 3 trillion yuan ($411.04 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources.

The most-traded January copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 rose 0.3% to 74,140 yuan ($10,159.92)a ton by 0700 GMT, the close of Asia afternoon trade.

SHFE aluminium SAFcv1 increased 0.3% to 19,895 yuan a ton, nickel SNIcv1 rose 0.5% to 125,050 yuan, zinc SZNcv1 climbed 1.3% to 25,425 yuan, lead SPBcv1 slid 0.1% to 17,410 yuan, and tin SSNcv1 edged up 0.8% at 244,920 yuan.

The London Metal Exchange (LME) will be closed for Christmas on Wednesday, and for Boxing Day on Thursday.

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($1 = 7.2973 Chinese yuan renminbi)

(Reporting by Violet Li and Mei Mei Chu; Editing by Raju Gopalakrishnan)

((Violet.Li@thomsonreuters.com;))

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