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METALS-London copper rises, zinc, nickel rally as China returns
April 5, 2017 / 6:11 AM / 8 months ago

METALS-London copper rises, zinc, nickel rally as China returns

 (Updates prices)
    By Melanie Burton
    MELBOURNE, April 5 (Reuters) - London copper rallied on
Wednesday as China returned from a two-day break to buy up
metals following brighter global manufacturing reports, while
zinc and nickel tracked a rally in steel.  
    "Markets will be watching for signs of a pick up in physical
activity in China now Q1 and all its credit restraints of the
last couple of weeks recede," said Kingdom Futures in a report.
    "People will look for evidence of genuine buying for the
much talked about infrastructure projects."
    
    * LME COPPER: Three-month copper on the London Metal
Exchange climbed 1.2 percent to $5,847.50 a tonne by
0554 GMT, after ending the previous session with modest gains.
Prices punched through resistance at the 100-day moving average
at $5,790, which traders said improved its technical picture. 
    * SHFE COPPER: Shanghai Futures Exchange copper cut
early losses to trade at 47,420 yuan ($6,880) a tonne, down 0.9
percent.
    * NICKEL, ZINC: LME nickel and zinc both
rose 2 percent, yanked up by gains in the steel sector after a
cyclone in Australia damaged transport routes for coking coal,
fuelling an 8 percent jump in prices.
    * CHINA-U.S. MEET: Although worried about the prospect of a
trade war, American businesses operating in China nonetheless
want President Donald Trump to wring some concessions on market
access from China's leader Xi Jingping when the two meet this
week.
    * FREEPORT: Indonesia has issued Freeport McMoRan Inc's
 local unit a temporary "special mining permit" allowing
it to seek a resumption of copper concentrate exports while the
two sides negotiate longer-term mining rights.
    * ESCONDIDA: Escondida, the world's biggest copper mine, has
restarted production but is still some way from a return to full
capacity after a strike that ended in late March, a senior
executive from mine owner BHP Billiton said.
    * CESCO: Southern Copper should share more
of its profits with workers in Peru to avoid an indefinite
strike at its Toquepala and Cuajone mines starting on April 10,
a union leader said on Tuesday.
    * Anglo American could begin to expand copper
capacity starting in Peru in 2018 after another year without
added supplies as the company remains focused on cutting costs,
the head of its copper division said in an interview.
    * GLOBAL MANUFACTURING: Factories across Europe and much of
Asia posted another month of solid growth in March, rounding off
a strong quarter for manufacturers, even though exporters fear a
rise in U.S. protectionism.
            
    PRICES    
    
 BASE METALS PRICES             0737 GMT           
 Three month LME copper                      5856.5
 Most active ShFE copper                      47410
 Three month LME aluminium                     1964
 Most active ShFE aluminium                      28
 Three month LME zinc                          2794
 Most active ShFE zinc                        23110
 Three month LME lead                          2335
 Most active ShFE lead                            1
 Three month LME nickel                       10185
 Most active ShFE nickel                          1
 Three month LME tin                          20050
 Most active ShFE tin                             1
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     528.91
 LME/SHFE ALUMINIUM           LMESHFALc3   -1548.42
 LME/SHFE ZINC                LMESHFZNc3     268.03
 LME/SHFE LEAD                LMESHFPBc3    -1711.8
 LME/SHFE NICKEL              LMESHFNIc3       1561
                                                   
 
($1 = 6.8920 Chinese yuan)

    
 (Reporting by Melanie Burton; Editing by Richard Pullin and
Sherry Jacob-Phillips)
  
 
 

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