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METALS-Copper ekes out gains as LME stockpiles decline
May 10, 2017 / 2:58 AM / 7 months ago

METALS-Copper ekes out gains as LME stockpiles decline

SYDNEY, May 10 (Reuters) - Copper edged up on Wednesday following a dip in London Metal Exchange stockpiles, although concerns over rising supply and disappointing Chinese import data continued to drag.

FUNDAMENTALS

* LONDON COPPER: Three-month copper on the London Metal Exchange was up 0.09 percent at $5,517.50 a tonne by 0230 GMT, extending the previous session’s modest gains.

* SHANGHAI COPPER: The most-traded copper contract on the Shanghai Futures Exchange advanced 0.5 percent to 44,930 yuan ($6,506) a tonne.

* COPPER STOCKS: Daily LME data showed copper stocks down 8,725 tonnes at 342,825. However, they remain near their highest since last October, fuelling pessimism over demand following hefty inflows in LME warehouses last week.

* MINE SALE: BHP Billiton, said it had started a sales process to potentially divest its Cerro Colorado copper mine in Chile.

* CHINA IMPORTS: The pullback in China’s imports in April of crude oil and major bulk commodities, except coal, is more of a reminder that strong gains can’t last forever than a warning that demand is waning in the world’s biggest importer of natural resources.

* PHILIPPINES MINING: The new Philippines environment minister on Tuesday said he wants to balance conservation and mining interests, signalling intent to settle a bitter dispute that has been one of the biggest economic conundrums of Rodrigo Duterte’s presidency.

* JAPAN TRADING HOUSES: Mitsubishi Corp and Mitsui & Co, Japan’s biggest and second-biggest trading houses by assets, returned to profitability in the financial year ending in March, boosted by rising prices for coal and iron ore.

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MARKETS NEWS

* Stock markets were put on edge by U.S President Donald Trump’s abrupt dismissal of FBI Director James Comey and rising tensions over North Korea’s nuclear programme.

DATA/EVENT AHEAD (GMT) 0130 China Consumer prices Apr 0130 China Producer prices Apr 0645 France Industrial output Mar 0645 France Trade balance Mar 1030 European Central Bank President Mario Draghi speaks in the Dutch Parliament 1230 U.S. Import prices Apr 1230 U.S. Export prices Apr

PRICES

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 = 6.9064 Chinese yuan renminbi)

Reporting by James Regan; Editing by Joseph Radford

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