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METALS-ShFE copper at 2-week high on China data,inventory drops
June 9, 2017 / 7:33 AM / in a month

METALS-ShFE copper at 2-week high on China data,inventory drops

3 Min Read

(Updates prices)

By James Regan

SYDNEY, June 9 (Reuters) - Copper firmed on Friday, helped by supply concerns in Chile and recent data pointing to robust import demand from China, with the Shanghai futures contract hitting a two-week high.

A fall in inventories both on the London Metal Exchange and the Shanghai Futures Exchange also helped support prices, traders said. * COPPER: Three-month copper on the London Metal Exchange edged up 0.02 percent to $5,741 a tonne by 0724 GMT, extending an overnight gain that saw the metal at its highest in a week. * SHANGHAI: The most-traded copper contract on the Shanghai Futures Exchange closed up 1.91 percent to 45,930 yuan ($6,757)a tonne, the highest since May 26.

* INVENTORIES: Copper stocks in LME warehouses MCU-STOCKS fell 7,875 tonnes on Wednesday to 286,350 tonnes, continuing their retreat from early May's seven-month high. They have declined almost 20 percent from that peak. * STRONG CHINA DATA: China reported stronger-than-anticipated exports and imports for May on Thursday, despite falling commodity prices, suggesting the economy is holding up better than expected despite rising lending rates and a cooling property market. * COPPER RESTART: Chilean copper company Codelco has restarted operations at mines in the northern part of the country after a rain storm caused a series of precautionary closures. * ZINC RISES: ShFE zinc ended 2.47 percent higher, while LME zinc was up 0.6 percent to $2,480 a tonne * NICKEL: LME nickel was quoted 0.02 percent higher at $8,835 a tonne. ShFE nickel closed 0.05 percent firmer.

LME aluminium slipped 0.06 percent to $1,890 a tonne. ShFE aluminium closed 1 percent lower at 13,645 yuan.

The declines came amid signs of rising supply after Alcoa said it had restarted half the capacity at its 300,000-tonnes-per-year Portland aluminium smelter in Australia crippled by a blackout half a year ago.

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 = 6.7972 Chinese yuan)

Reporting by James Regan; Editing by Richard Pullin and Sunil Nair

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