METALS-Shanghai copper hits near five-month peak on China stimulus hopes

March 7 (Reuters) - Shanghai copper rose on Friday to its highest in nearly five months, buoyed by expectations of further stimulus from top consumer China to spur economic growth.

The most-active copper contract on the Shanghai Futures Exchange SCFcv1 jumped 1% to 78,850 yuan ($10,875.71) a ton by 0158 GMT, hitting its highest since October 2024.

Chinese officials on Thursday flagged more monetary policy easing "at an appropriate time" and left the door open to more stimulus measures on top of those announced at this week's annual parliament meeting if economic growth veered off track.

Market participants expect China's National People's Congress to announce more stimulus measures amid an escalating trade war with the United States.

Meanwhile, U.S. president Donald Trump suspended the 25% tariffs he imposed this week on most goods from Canada and Mexico.

The exemptions will expire on April 2, when Trump has threatened to impose a global regime of reciprocal tariffs on all U.S. trading partners.

Trump has announced 25% tariffs on aluminium and steel imports from March 12 and has ordered a probe into possible new tariffs on copper.

Citi said in a note that they expect ex-U.S. copper pricing to fall to $8,500 per ton in the second quarter of this year as investors' copper positioning unwinds on tariff headwinds.

SHFE aluminium SAFcv1 rose 0.5% to 20,920 yuan a ton, zinc SZNcv1 gained 0.8% to 24,080 yuan, nickel SNIcv1 climbed 1.4% to 129,700 yuan, lead SPBcv1 advanced 0.6% to 17,490 yuan and tin SSNcv1 firmed 2.1% to 262,850 yuan.

Three-month copper on the London Metal Exchange (LME) CMCU3 was down 0.7% at $9,668.5 a metric ton.

LME aluminium CMAL3 firmed 0.1% to $2,700 a ton, zinc CMZN3 lost 0.5% to $2,914, nickel CMNI3 eased 0.2% to $16,260, lead CMPB3 fell 0.5% to $2,037 and tin CMSN3 lost 0.1% to $32,550.

($1 = 7.2501 yuan)