January 30, 2018 / 2:29 AM / 21 days ago

METALS-Base metals advance ahead of Trump address

    BEIJING, Jan 30 (Reuters) - Most base metals gained ground
in early trade on Tuesday, with zinc hovering around a decade
peak, as investors hoped for positive signals about
infrastructure building in U.S. President Donald Trump's State
of the Union address later in the day. 
        
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange was up 0.4 percent at $7,114 a tonne, as of
0216 GMT, after ending flat in the previous session. 

    * SHFE COPPER: The most-traded March copper contract on the
Shanghai Futures Exchange gained 0.1 percent to 53,500
yuan ($8,449.15) a tonne.
    * ZINC: LME zinc edged 0.1 percent down to $3,547 a
tonne, after hitting $3,584 a tonne on Monday, the highest since
July 2007.
    * TIN: Tin prices in London slipped 0.3 percent to
$21,870 a tonne, easing from a 14-month high of $21,940 a tonne
in the previous session.
    * CHINA: The former head of China's Anshan Iron and Steel
Group (Ansteel) has been named the new chairman of metals group
China Minmetals Corp           , the State-Owned Assets
Supervision and Administration Commission (SASAC) said on
Monday.
    * CHILE: Chile is open to negotiating an additional quota of
lithium for local miner SQM, to meet
potential demand from U.S. electric car-maker Tesla,
Eduardo Bitran, head of Chilean development agency Corfo, told
Reuters on Monday.
    * ALASKA: Shares of mine developer Northern Dynasty Minerals
Ltd fell more than 20 percent on Monday, the first
trading day after a U.S. regulator's surprise move to keep
restrictions on the company's big copper and gold mine project
in Alaska.
    * NORWAY: Norwegian aluminium maker Norsk Hydro
plans to transfer energy-saving technology from a pilot project
to primary smelters in the next five to six years, boosting
output and cutting costs, the company's head of technology told
Reuters.
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian stocks retreated from record peaks on Tuesday after
a selloff in Apple shares knocked Wall Street, while the dollar
found support as U.S. bond yields climbed to near four-year
highs.    
        
    DATA/EVENT AHEAD (GMT)
    0630   France        Preliminary GDP Q4
    0745   France       Consumer spending Dec
    1000   Euro zone    GDP flash Q4
    1000   Euro zone        Business climate Jan
    1000   Euro zone         Consumer confidence final Jan
    1300   Germany           Consumer prices Jan
    1400   U.S.            Case-Shiller housing index Nov
    1500   U.S.              Consumer confidence Jan
    U.S. Federal Reserve starts two-day policy meeting        
        
    PRICES    
    
 BASE METALS PRICES                        0216 GMT
 Three month LME copper                        7114
 Most active ShFE copper                      53490
 Three month LME aluminium                     2233
 Most active ShFE aluminium                   14580
 Three month LME zinc                        3550.5
 Most active ShFE zinc                        26955
 Three month LME lead                          2618
 Most active ShFE lead                        19640
 Three month LME nickel                       13865
 Most active ShFE nickel                     105730
 Three month LME tin                          21870
 Most active ShFE tin                        150690
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     954.74
 LME/SHFE ALUMINIUM           LMESHFALc3   -1823.33
                                          
 LME/SHFE ZINC                LMESHFZNc3      310.6
 LME/SHFE LEAD                LMESHFPBc3    -345.81
 LME/SHFE NICKEL              LMESHFNIc3    1835.01
                                          
 

($1 = 6.3320 Chinese yuan)

    
 (Reporting by Tom Daly; Editing by Sherry Jacob-Phillips)
  
 
 
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