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METALS-London copper slips to one week low after US rate rise
June 15, 2017 / 2:22 AM / 6 months ago

METALS-London copper slips to one week low after US rate rise

MELBOURNE, June 15 (Reuters) - London copper dipped to its lowest in a week on Thursday after the U.S. Federal Reserve raised rates for the second time this year, boosting financing costs for industry.


* LME COPPER: London Metal Exchange copper fell to $5,642 a tonne, finding a floor at the 30-day moving average which was also its weakest since June 8. Prices pared losses to $5,961 a tonne by 0202 GMT, still down 0.2 percent. Prices are ping-ponging between the 30 DMA and the 100 DMA, which is at $5,782.

* SHFE COPPER: Shanghai Futures Exchange copper fell by half a percent to 45,590 yuan ($6,711).

* ALUMINIUM: In other metals, SHFE aluminium fell 1.5 percent after China’s production surged to the second highest on record.

* US ECONOMY: The Federal Reserve raised interest rates on Wednesday for the second time in three months and said it would begin cutting its holdings of bonds and other securities this year, signaling its confidence in a growing U.S. economy and strengthening job market.

* CHINA ECONOMY: China’s economy generally remained on solid footing in May, but tighter monetary policy, a cooling housing market and slowing investment reinforced views that it will gradually lose momentum in coming months.

* EURO ZONE ECONOMY: Euro zone industrial output grew in April and employment rose in the first quarter of the year to reach a record high, data released on Wednesday showed, in fresh signs of healthy growth of the bloc’s economy.

* ALUMINIUM: Russian aluminium giant Rusal said it plans to boost its production by 19 percent from 2016 levels to 4.4 million tonnes by 2021, amid rising global demand.

* ZINC: The global zinc market deepened its deficit to 92,400 tonnes in April from a revised deficit of 72,700 tonnes in March, data from the International Lead and Zinc Study Group (ILZSG) showed on Wednesday.

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


* U.S. stock futures dipped and Asian shares were on the defensive on Thursday after a media report that U.S. President Donald Trump is being investigated by a special counsel for possible obstruction of justice


0830 Britain Retail sales May

0900 Euro zone Eurostat trade Apr

1100 Bank of England announces interest rate decision

1230 U.S. New York Fed manufacturing Jun

1230 U.S. Import prices May

1230 U.S. Export prices May

1230 U.S. Weekly jobless claims

1230 U.S. Philly Fed business index Jun

1315 U.S. Industrial production May

1400 U.S. NAHB housing market index Jun


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 = 6.7935 Chinese yuan renminbi)

Reporting by Melanie Burton; Editing by Richard Pullin

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