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METALS-London copper steadies near one-week low as dollar eases
July 6, 2017 / 3:31 AM / 2 months ago

METALS-London copper steadies near one-week low as dollar eases

    MELBOURNE, July 6 (Reuters) - London copper steadied on
Thursday near one-week lows as the dollar eased back from highs
triggered by a Federal Reserve meeting that clouded the outlook
for the pace of future interest rate rises.
    
    FUNDAMENTALS
    * London Metal Exchange copper edged up by 0.1
percent to $5,845 a tonne by 0255 GMT. Prices fell 0.9 percent
on Wednesday when they hit $5,815 which was the lowest since
June 27.
    * Shanghai Futures Exchange copper slipped by 0.8
percent to 46860 yuan ($6,888.95) a tonne.
    * Volumes were exceedingly low with less than 1000 lots of
the benchmark LME copper contract having changed hands. 
    * Federal Reserve policymakers were increasingly split on
the outlook for inflation and how it might affect the future
pace of interest rate rises, according to the minutes of the
Fed's last policy meeting on June 13-14 released on Wednesday.

    * The United States cautioned on Wednesday it was ready to
use force if need be to stop North Korea's nuclear missile
program but said it preferred global diplomatic action against
Pyongyang.
    * Chinese private equity firm GSR Capital is looking to buy
a substantial holding in Chile's Sociedad Quimica Y Minera (SQM)
, one of the world's biggest lithium producers,
according to two sources with knowledge of the matter.

    * Democratic Republic of Congo plans to impose harsher
punishments on mining companies that fail to repatriate at least
40 percent of their revenue from mineral exports, central bank
governor Deogratias Mutombo said on Wednesday.
    * A year and a half after banning bauxite mining to force
miners to meet environmental standards, Malaysia's exports to
main customer China are again growing, raising public anger over
illegal mining.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares were tentative on Thursday after minutes from
the Federal Reserve's last meeting showed a lack of consensus on
the future pace of interest rate increases, while oil prices
inched higher following the previous day's steep
declines.    
        
    DATA/EVENTS    
    0600  Germany Industrial orders for May           
    1215  U.S. ADP national employment Jun 
    1230  U.S. International trade May 
    1230  U.S. Weekly jobless claims 
    1400  U.S. ISM non-manufacturing PMI Jun     
    PRICES    
    
 BASE METALS PRICES                                
 Three month LME copper                        5844
 Most active ShFE copper                      46830
 Three month LME                               1924
 aluminium                                 
 Most active ShFE                             14225
 aluminium                                 
 Three month LME zinc                          2762
 Most active ShFE zinc                        22860
 Three month LME lead                        2267.5
 Most active ShFE lead                        17440
 Three month LME nickel                        9125
 Most active ShFE nickel                      75000
 Three month LME tin                          19715
 Most active ShFE tin                        144120
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER           LMESHFCUc3        432.64
 LME/SHFE ALUMINIUM        LMESHFALc3      -1014.53
 LME/SHFE ZINC             LMESHFZNc3        253.05
 LME/SHFE LEAD             LMESHFPBc3       -1386.3
 LME/SHFE NICKEL           LMESHFNIc3        2485.8
 ($1 = 6.8022 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; Editing by Richard Pullin)
  
 
 

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