April 19, 2017 / 3:29 AM / 7 months ago

METALS-London copper hovers near three-month low

    MELBOURNE, April 19 (Reuters) - London copper held close to
its weakest since January on Wednesday, on concerns China's base
metals demand could temper in the coming quarter as Beijing acts
on runaway property prices, and following a wobble in steel. 
    "Concerns about slowing housing prices in China, which has
been weighing on bulk commodities finally spilled over into the
metals sector," said ANZ in a report.
    "Investors now appear to be sceptical about the ongoing
strength in economic growth in China." 
    * LME COPPER: Three-month copper on the London Metal
Exchange rebounded by 1.4 percent to $5649 a tonne by
0220 GMT, paring the 2.1 percent-loss of the previous session.
On Tuesday, prices hit their lowest since early January at
$5,568.50 a tonne. 
    * SHFE: Shanghai Futures Exchange copper cut losses
to 0.8 percent at 45,930 yuan ($6,675) a tonne, after dipping as
low as 45,110 yuan. Steel-linked metals, Shanghai zinc and
nickel have been punished by losses due to mounting China steel
inventories amid record output from mills. Demand for steel,
used early in the construction cycle, is seen as a forward
indicator for demand intensity for other metals. 
    * Shanghai zinc traded at 21,115 yuan, down 2.3
percent but off early lows, tracking losses in London. ShFE 
nickel fell 2.2 percent, also tracking a steep slide on
the LME. 
    * CHINA PROPERTY: Prices in China's sizzling property
market, a major driver of growth in the world's second-largest
economy, accelerated in March on a monthly basis, shaking off
cooling measures introduced to dampen speculative demand.

    * CHINA ECONOMY: A recovery in China's industrial sector,
which accounts for about one-third of the economy, drove China's
better-than-expected first quarter economic growth as export
orders picked up and steel output hit a record.
    * IMF: The International Monetary Fund raised its 2017
global growth forecast on Tuesday due to manufacturing and trade
gains in Europe, Japan and China, but warned that protectionist
policies threaten to choke a broad recovery.
   * U.S. ECONOMY: U.S. homebuilding fell in March after
unseasonably mild weather buoyed activity in February and
manufacturing output dropped for the first time in seven months,
further indications that economic growth braked sharply in the
first quarter. 
    * CHILE DISRUPTION: A supervisor at the Salvador copper mine
owned by Chile's Codelco            died in an accident on
Tuesday, causing the state-owned company to suspend operations
at its concentrator plant there.
    * FREEPORT: Freeport McMoRan Inc has received
preliminary approval to resume copper concentrate exports from
Indonesia and hopes to lodge an application for an export permit
this week, a company spokesman said. 
 BASE METALS PRICES             0234 GMT          
 Three month LME copper                     5648.5
 Most active ShFE copper                     45840
 Three month LME aluminium                  1911.5
 Most active ShFE aluminium                  14295
 Three month LME zinc                       2557.5
 Most active ShFE zinc                       21095
 Three month LME lead                         2133
 Most active ShFE lead                       15840
 Three month LME nickel                       9440
 Most active ShFE nickel                     78970
 Three month LME tin                         19695
 Most active ShFE tin                       140910
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER             LMESHFCUc3     436.48
 LME/SHFE ALUMINIUM          LMESHFALc3    -988.47
 LME/SHFE ZINC               LMESHFZNc3     190.73
 LME/SHFE LEAD               LMESHFPBc3   -1802.87
 LME/SHFE NICKEL             LMESHFNIc3       1269
    ($1 = 6.8778 Chinese yuan)

 (Reporting by Melanie Burton; Editing by Sherry Jacob-Phillips
and Tom Hogue)

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