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METALS-London copper wobbles in wake of Trump healthcare setback
March 27, 2017 / 1:39 AM / 8 months ago

METALS-London copper wobbles in wake of Trump healthcare setback

MELBOURNE, March 27 (Reuters) - London copper slipped in low volumes 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.


* London Metal Exchange copper slipped by 0.9 percent to $5,754.50 a tonne by 0211 GMT, erasing small gains from the previous session. London copper has found support at then 100-day moving average around $5,749 a tonne.

* Shanghai Futures Exchange copper slid by 0.7 percent to 46,680 yuan ($6,785) a tonne. Shfe copper has broken below support on the monthly chart at the 100DMA.

* Financial markets were unnerved on Friday by Trump’s inability to get enough support for legislation to “repeal and replace” the Obamacare health insurance reforms, a major 2016 election campaign promise.

* 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 mortgage rates.

* If the latest surveys of business intentions are to be believed, the euro zone economy is sparkling, growing at a pace that easily explains the hints from some European Central Bank policymakers of a pull-back from their easy-money regime.

* 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.

* 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.

* 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. CU-STX-SGH

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* Asian stocks are set to start the week on a cautious note as President Donald Trump’s stunning failure to get healthcare reform passed raised concerns about the prospects for his plans to use fiscal stimulus to boost economic growth.


0800 Germany Ifo business climate Mar

0900 Euro zone M3 annual growth Feb

1430 U.S. Dallas Fed manufacturing index Mar


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 = 6.8803 Chinese yuan renminbi)

Reporting by Melanie Burton; Editing by Richard Pullin

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