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5 months ago
METALS-London copper hits 1-wk peak as dollar drops in wake of Fed
March 16, 2017 / 1:28 AM / 5 months ago

METALS-London copper hits 1-wk peak as dollar drops in wake of Fed

MELBOURNE, March 16 (Reuters) - London copper hit its highest in more than a week on Thursday as the dollar dropped after the U.S. Federal Reserve raised interest rates as expected but showed no signs of speeding up its pace of tightening.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange had climbed 0.6 percent to $5,900.50 by 0101 GMT, extending gains from the previous session. Prices earlier touched their strongest since March 6 at $5906.50 a tonne.

* Shanghai Futures Exchange copper rose 1.2 percent to 47,960 yuan ($6,937) a tonne.

* Shanghai Futures Exchange zinc jumped more than 3 percent, riding on the coattails of a rally in steel driven by China's infrastructure push.

* The Fed raised interest rates on Wednesday for the second time in three months, a move spurred by steady economic growth, strong job gains and confidence that inflation is rising to the central bank's target.

* Wall Street's top banks see two additional U.S. interest rate rises this year and most expect at least three more in 2018, a Reuters poll showed Wednesday.

* China's annual parliament followed a tight script with no surprises and little drama, evidence of President Xi Jinping's ever firmer grip ahead of a party congress later this year that could bring more of his allies into the top leadership team.

* Indian billionaire Anil Agarwal said on Wednesday he would buy a stake of up to 2 billion pounds ($2.46 billion) in Anglo American, but had no intention of trying to take control of the global miner.

* For the top stories in metals and other news, click or

MARKETS NEWS

* The dollar nursed bitter losses in Asia on Thursday, while sovereign bonds savoured their biggest rally in nine months.

DATA/EVENT AHEAD (GMT)

1200 Bank of England interest rate decision

1230 U.S. Housing starts Feb

1230 U.S. Building permits Feb

1230 U.S. Weekly jobless claims

1230 U.S. Philly Fed business index Mar

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

$1 = 6.9132 Chinese yuan renminbi Reporting by Melanie Burton; Editing by Joseph Radford

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