March 28 (Reuters) - Most base metals prices increased on Thursday, boosted by signs of stabilisation in the China's broader economy after profits at industrial companies improved in the first two months.
Three-month copper on the London Metal Exchange (LME) rose 0.7% to $8,907.50 per metric ton by 0334 GMT, while the most-traded May copper contract on the Shanghai Futures Exchange (SHFE) advanced 0.7% to 72,550 yuan ($10,041.24) a ton.
China's industrial firms posted higher profits in the opening months of the year, reinforcing signs that an economic recovery was gaining traction despite persistent sluggishness in the property sector.
Meanwhile, China's central bank set the yuan at a much stronger fixing than markets had expected, which could support the purchasing power of Chinese metals buyers.
Inventory build up in most base metals in China, the world's biggest metals consumer, have capped gains in metal prices.
Top Chinese copper smelters are scheduled to meet on Thursday to discuss their guidance for copper concentrate treatment and refining charges. Tightness in ore supply has pushed the charges down to the lowest in more than a decade.
LME aluminium increased 0.4% to $2,306.50 a ton, nickel jumped 1% to $16,785, zinc climbed 0.7% to $2,454.50, lead increased 0.3% to $2,009 while tin eased 0.2% to $27,460.
SHFE aluminium edged up 0.3% at 19,490 yuan a ton, nickel rose 0.1% to 130,430 yuan, zinc was up 0.4% at 20,925 yuan, lead jumped 1.7% to 16,440 yuan while tin fell 0.1% to 223,360 yuan.
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DATA/EVENTS (GMT)
0700 UK GDP QQ, YY Q4
0855 Germany Unemployment March
1230 US GDP Final Q4
1230 US Initial Jobless Claim weekly
1400 US U Mich Sentiment Final March
($1 = 7.2252 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Mrigank Dhaniwala)
