May 2, 2018 / 1:45 AM / 5 months ago

METALS-Copper bounces off one-month low ahead of Fed statement

    MANILA, May 2 (Reuters) - London copper futures recovered
from its weakest level in nearly a month on Wednesday as
investors awaited comments from the U.S. Federal Reserve later
in the day.
    While the Federal Reserve is widely expected to keep the
benchmark interest rate on hold at its policy meeting, it looks
certain to raise it again next month, given signs of possible
acceleration in the U.S. economy.
    Three-month copper on the London Metal Exchange was
up 1.2 percent at $6,824.50 per tonne by 0132 GMT, after hitting
a low of $6,710 on Tuesday, its weakest since April 4. 
    
    SHANGHAI COPPER: The most-traded June copper contract on the
Shanghai Futures Exchange slid 1.4 percent to 50,900
yuan ($8,012) a tonne, tracking losses in London in the prior
session as Chinese markets reopened after a two-day public
holiday.
    U.S. DATA: Investors are also focused on Friday's employment
report for April for further indications of the strength of the
U.S. economy and inflation pressures. Data on Tuesday showed
U.S. factory activity slowed for a second straight month in
April.
    U.S. MEASURES: U.S. officials are pushing for quotas and
"other restrictions" on steel and aluminium imports, a top trade
official said after the White House announced a month-long
extension of tariff exemptions for Canada, Mexico and the
European Union.
    RUSAL: The U.S. Treasury gave investors an additional month
to divest or transfer their holdings in sanctions targets United
Company Rusal Plc, En+ Group Plc and GAZ
Group.
    ALUMINIUM: LME aluminium eased 0.4 percent to
$2,251.50 a tonne while its Shanghai counterpart was
little changed at 14,485 yuan.
    MARKETS: The dollar held near a four-month high against a
basket of major currencies, buoyed by the outlook for a strong
U.S. economy and rising yields amid signs of slowdown elsewhere,
especially in Europe. Asian shares were steady.

        
    DATA/EVENT AHEAD (GMT)
    0145  China          Caixin manufacturing PMI final      Apr
    0750  France         Markit manufacturing PMI            Apr
    0755  Germany        Markit/BME manufacturing PMI        Apr
    0800  Euro zone      Markit manufacturing PMI final      Apr
    0900  Euro zone      Preliminary GDP                     Q1
    0900  Euro zone      Unemployment rate                   Mar
    1215  U.S.           ADP national employment             Apr
    1345  U.S.           ISM-New York index                  Apr
    1800  Federal Reserve releases decision on interest rates
    
 BASE METALS PRICES                                  0132 GMT
 Three month LME copper                                6824.5
 Most active ShFE copper                                50900
 Three month LME aluminium                             2251.5
 Most active ShFE aluminium                             14485
 Three month LME zinc                                  3088.5
 Most active ShFE zinc                                  23710
 Three month LME lead                                    2320
 Most active ShFE lead                                  18340
 Three month LME nickel                                 13890
 Most active ShFE nickel                               103770
 Three month LME tin                                    21150
 Most active ShFE tin                                  147390
                                                             
 BASE METALS ARBITRAGE                                       
 LME/SHFE COPPER                LMESHFCUc3              681.2
 LME/SHFE ALUMINIUM             LMESHFALc3            -1962.3
 LME/SHFE ZINC                  LMESHFZNc3             316.75
 LME/SHFE LEAD                  LMESHFPBc3             385.29
 LME/SHFE NICKEL                LMESHFNIc3            -451.89
                                                             
 ($1 = 6.3530 Chinese yuan)

    
 (Reporting by Manolo Serapio Jr.; Editing by Gopakumar Warrier)
  
 
 
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