June 16, 2017 / 7:44 AM / 7 months ago

METALS-London copper heads for biggest weekly drop since early May

 (Updates prices)
    MELBOURNE, June 16 (Reuters) - London copper edged up on
Friday but was still eyeing its biggest weekly drop since early
May as markets priced in a higher U.S. interest rate environment
that would support the dollar. 
    * LME COPPER: London Metal Exchange copper rose by
half a percent to $5,668 a tonne, by 0700 GMT, shedding losses
from the previous session. Copper is still down around 2 percent
for the week.
    * ShFE COPPER: Shanghai Futures Exchange copper
closed slightly weaker at 45,490 yuan ($6,677.53) a tonne.
    * NICKEL: In other metals, nickel edged up,
trailing steel, after China's government said it was beating its
targets for capacity closure.
    * STEEL: Chinese steel futures rose sharply for a third
straight session, supported by government efforts to tackle a
glut, even as the outlook for demand in the world's top steel
consumer may not be too promising, particularly from its
property sector.
    * U.S. JOBLESS: The number of Americans filing for
unemployment benefits fell more than expected last week,
pointing to shrinking labour market slack that could allow the
Federal Reserve to raise interest rates again this year despite
moderate inflation growth.
    * NEW CHAIRMAN: Mining giant BHP on Friday
named well-regarded Australian packaging executive Ken MacKenzie
as its next chairman, handing him the challenge of guiding the
company amid calls for change.
    * EXCHANGE EXPANSION: CME says the New York Mercantile
Exchange Inc. and Commodity Exchange Inc. plans to expand the
location for the storage and delivery of zinc delivered against
the Zinc Futures contract to Europe and Asia.
    * For the top stories in metals and other news, click       
 BASE METALS PRICES                0742 GMT        
 Three month LME copper                      5659.5
 Most active ShFE copper                      45660
 Three month LME                             1872.5
 Most active ShFE                             13600
 Three month LME zinc                          2531
 Most active ShFE zinc                        21150
 Three month LME lead                          2109
 Most active ShFE lead                        17295
 Three month LME nickel                        8920
 Most active ShFE nickel                      73620
 Three month LME tin                          19425
 Most active ShFE tin                        145600
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER           LMESHFCUc3        455.77
 LME/SHFE ALUMINIUM        LMESHFALc3        -1274.
 LME/SHFE ZINC             LMESHFZNc3        651.12
 LME/SHFE LEAD             LMESHFPBc3        -320.8
 LME/SHFE NICKEL           LMESHFNIc3        1981.9
 ($1 = 6.8124 Chinese yuan)

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