By Melanie Burton
MELBOURNE, March 27 London copper slipped for a
second day on Monday as risk appetite fell after President
Donald Trump's failure to push through healthcare reform fanned
concerns over his ability to realise his economic agenda.
The "Trump trade" that pumped up exuberance and boosted
assets including metals was reversing, said economist Amy Li at
National Australia Bank in Melbourne, although she expected
prices to be well supported on fundamentals.
"On copper there is so much uncertainty, Escondida,
Indonesia, the Philippines, and on the demand side it seems
China isn't doing too badly, especially given upbeat global
sentiment and improving growth in advanced economies."
* LME COPPER: London Metal Exchange copper had
slipped by 1.2 percent to $5,734 a tonne by 0700 GMT, erasing
small gains from the previous session and piercing support at
the 100-day moving average (DMA) around $5,749 a tonne.
* SHFE COPPER: Shanghai Futures Exchange copper
slid by 1.6 percent to 46,260 yuan ($6,734) a tonne. Shfe copper
has broken below support on the monthly chart at the 100-DMA
and hit the lowest since March 3 at 46,150 yuan a tonne.
* LME UPGRADE: The LME updated its electronic platform
LMEselect on Monday. "All members were informed some time ago
via official notices that resting orders would not be retained
when the upgrade was rolled out," the LME said in a statement.
"Trading has been normal today and no disruption was observed."
* U.S. ECON: New U.S. single-family home sales jumped to a
seven-month high in February, suggesting the housing market
recovery was gaining momentum despite higher prices and rising
* VEDANTA: Indian mining company Vedanta Resources
said on Friday it will invest $1 billion in its Zambian mining
unit Konkola Copper Mines (KCM), creating 7,000 jobs.
* COPPER SPECS: Hedge funds and money managers boosted their
bullish position in copper futures and options by 2,231 lots to
54,680 in the week to March 21, U.S. Commodity Futures Trading
Commission data showed on Friday.
* SHANGHAI STOCKS: SHFE copper stocks saw a large 12,694
draw from warehouses in the latest week, bringing stocks down to
around 312,500 tonnes, the lowest since the start of the month.
* MARKETS NEWS: U.S. stock futures and the dollar fell on
Monday while Asian markets struggled as President Donald Trump's
failure on healthcare reform raised questions about his ability
to push through tax cuts and fiscal spending to boost the
* METALS: LME zinc, lead, nickel and
tin all fell around 2 percent. LME nickel extended
selling from last week when the Philippines said it would allow
miners who had been ordered shut on environmental concerns to
export stockpiled material.
* COMING UP: Germany Ifo business climate for March at 0800
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 = 6.8699 Chinese yuan)
(Reporting by Melanie Burton; Editing by Richard Pullin and