MELBOURNE, April 19 London copper held close to
its weakest since January on Wednesday, on concerns China's base
metals demand could temper in the coming quarter as Beijing acts
on runaway property prices, and following a wobble in steel.
"Concerns about slowing housing prices in China, which has
been weighing on bulk commodities finally spilled over into the
metals sector," said ANZ in a report.
"Investors now appear to be sceptical about the ongoing
strength in economic growth in China."
* LME COPPER: Three-month copper on the London Metal
Exchange rebounded by 1.4 percent to $5649 a tonne by
0220 GMT, paring the 2.1 percent-loss of the previous session.
On Tuesday, prices hit their lowest since early January at
$5,568.50 a tonne.
* SHFE: Shanghai Futures Exchange copper cut losses
to 0.8 percent at 45,930 yuan ($6,675) a tonne, after dipping as
low as 45,110 yuan. Steel-linked metals, Shanghai zinc and
nickel have been punished by losses due to mounting China steel
inventories amid record output from mills. Demand for steel,
used early in the construction cycle, is seen as a forward
indicator for demand intensity for other metals.
* Shanghai zinc traded at 21,115 yuan, down 2.3
percent but off early lows, tracking losses in London. ShFE
nickel fell 2.2 percent, also tracking a steep slide on
* CHINA PROPERTY: Prices in China's sizzling property
market, a major driver of growth in the world's second-largest
economy, accelerated in March on a monthly basis, shaking off
cooling measures introduced to dampen speculative demand.
* CHINA ECONOMY: A recovery in China's industrial sector,
which accounts for about one-third of the economy, drove China's
better-than-expected first quarter economic growth as export
orders picked up and steel output hit a record.
* IMF: The International Monetary Fund raised its 2017
global growth forecast on Tuesday due to manufacturing and trade
gains in Europe, Japan and China, but warned that protectionist
policies threaten to choke a broad recovery.
* U.S. ECONOMY: U.S. homebuilding fell in March after
unseasonably mild weather buoyed activity in February and
manufacturing output dropped for the first time in seven months,
further indications that economic growth braked sharply in the
* CHILE DISRUPTION: A supervisor at the Salvador copper mine
owned by Chile's Codelco died in an accident on
Tuesday, causing the state-owned company to suspend operations
at its concentrator plant there.
* FREEPORT: Freeport McMoRan Inc has received
preliminary approval to resume copper concentrate exports from
Indonesia and hopes to lodge an application for an export permit
this week, a company spokesman said.
BASE METALS PRICES 0234 GMT
Three month LME copper 5648.5
Most active ShFE copper 45840
Three month LME aluminium 1911.5
Most active ShFE aluminium 14295
Three month LME zinc 2557.5
Most active ShFE zinc 21095
Three month LME lead 2133
Most active ShFE lead 15840
Three month LME nickel 9440
Most active ShFE nickel 78970
Three month LME tin 19695
Most active ShFE tin 140910
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 436.48
LME/SHFE ALUMINIUM LMESHFALc3 -988.47
LME/SHFE ZINC LMESHFZNc3 190.73
LME/SHFE LEAD LMESHFPBc3 -1802.87
LME/SHFE NICKEL LMESHFNIc3 1269
($1 = 6.8778 Chinese yuan)
(Reporting by Melanie Burton; Editing by Sherry Jacob-Phillips
and Tom Hogue)