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REFILE-METALS-London copper eyes biggest weekly gain in five
March 17, 2017 / 1:46 AM / 6 months ago

REFILE-METALS-London copper eyes biggest weekly gain in five

(Corrects typo in headline)

MELBOURNE, March 17 (Reuters) - London copper steadied on Friday but was set to mark its biggest weekly advance since mid-February, supported by a softer dollar and ongoing mine supply concerns.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange was flat at $5,906 a tonne by 0123 GMT, after a 0.7 percent gain from the previous session. Prices on Thursday reached $5,948.50, the loftiest since March 6.

* Shanghai Futures Exchange copper edged down 0.1 percent to 47,920 yuan ($6,950) a tonne.

* LME zinc was the biggest gainer, targeting a 5 percent rally in prices this week. Price have been supported by a widening shortfall in metal after several large mines closed in recent years.

* U.S. homebuilding jumped in February as unseasonably warm weather boosted the construction of single-family houses to near a 9-1/2-year high, suggesting the economy remained on solid ground despite an apparent slowdown in the first quarter.

* President Donald Trump’s first budget outline, calling for a security-heavy realignment of federal spending, drew resistance on Thursday from his fellow Republicans in the U.S. Congress as many balked at proposed deep cuts to diplomatic and foreign aid programmes.

* China’s non-financial outbound investment fell 52.8 percent for the year through February compared to the same period last year, as Chinese companies continued to pull back from investing abroad amid a crackdown by regulators on cross-border capital outflows.

* The striking union at Escondida mine in Chile, the world’s biggest copper mine, said on Thursday it would return to the negotiating table if the company gave a written guarantee that it would only discuss the union’s three key demands.

* Striking workers at BHP Billiton’s Escondida copper mine in Chile, the world’s largest, are blocking attempts by the company to renew operations at a key port nearby, BHP and an umbrella union said on Thursday, as the stoppage enters its sixth week.

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

MARKETS NEWS

* The dollar sank to a five-week low on Thursday while U.S. bond yields rose as investors digested the recent U.S. interest rate increase and indications there would be no pick-up in the pace of monetary tightening

DATA/EVENTS

1000 Euro zone Eurostat trade Jan

1315 U.S. Industrial production Feb

1400 U.S. Leading index Feb

1400 U.S. Univ of Michigan sentiment index Mar

G20 Finance Ministers and Central Bank Presidents meet

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

ARBS ($1 = 6.8950 Chinese yuan) (Reporting by Melanie Burton; Editing by Subhranshu Sahu)

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