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METALS-Copper steady after overnight exit on supply signs
July 11, 2017 / 1:42 AM / 2 months ago

METALS-Copper steady after overnight exit on supply signs

SYDNEY, July 11 (Reuters) - Copper held largely steady in Asia on Tuesday amid modest support from investors after losing ground overnight on fresh signs of oversupply.

“We are seeing little of the selling that occurred in London (on Monday),” a commodities trader in Perth said. “Steady, with a slant to the downside is the way I would phrase it.”

Stocks in LME warehouses rose by 4,900 tonnes to 319,975 on Monday and have ballooned 32 percent since June 28, showing supplies are adequate.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange stood $1 lower at $5,823 a tonne by 0100 GMT, extending losses from the previous session.

* The most-traded copper contract on the Shanghai Futures Exchange was down 0.09 percent to 46,820 yuan ($6,882.66) a tonne.

* COPPER STRIKE: Workers at the Zaldivar copper mine in Chile, owned by Antofagasta and Barrick Gold Corp , voted to approve a strike on Monday after talks with the company failed.

* NORSK HYDRO: Norwegian metals firm Norsk Hydro will take full ownership of aluminium products maker Sapa by buying a 50 percent stake from conglomerate Orkla

* Steel related LME base metals nickel and zinc were each down about 0.03 percent, despite a China steel futures trading higher.

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

MARKETS NEWS

* Asian shares and the dollar cautiously edged higher on Tuesday, as investors awaited testimony from Federal Reserve Chair Janet Yellen for clues on when the central bank would tighten U.S. monetary policy.

DATA AHEAD (GMT)

1000 U.S. Small business confidence index Jun

1255 U.S. Job openings (JOLTS) May

1400 U.S. Wholesale inventories May

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 = 6.8026 Chinese yuan)

Reporting by James Regan; Editing by Amrutha Gayathri

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