June 7, 2018 / 1:57 AM / 13 days ago

METALS-Copper prices extend rally on supply fears, weaker dollar

    BEIJING, June 7 (Reuters) - Copper rose more than 2 percent
in Shanghai on Thursday to a fresh 3-month top, while the metal
came within striking distance of its 2018 high in London as
concerns over supply disruption in Chile and a weaker dollar
index lent support to prices.
    A weaker greenback makes dollar-denominated metals cheaper
for holders of other currencies.
        
    FUNDAMENTALS
    * SHFE COPPER: The most-traded July copper contract on the
Shanghai Futures Exchange gained as much as 2.1 percent
to 53,870 yuan ($8,435) a tonne, its highest since Feb. 27.
    * LME COPPER: Three-month copper on the London Metal
Exchange climbed as much as 0.6 percent to $7,261 a
tonne, just shy of the 2018 high of $7,285 seen in January and
stood at $7,247.50 at 0134 GMT. It closed up 1.7 percent in the
previous session.    
    * ALUMINIUM: Shanghai aluminium prices rose by as
much as 1.5 percent to 14,950 yuan a tonne, its highest since
April 23. London aluminium was down by around half a
percent.
    * LME CONTRACTS: The London Metal Exchange (LME) plans to
launch around 15 new contracts next January, including
cash-settled cobalt and hot-rolled coil steel contracts, an
executive said on Wednesday.
    * SCOTIA: Canada's Bank of Nova Scotia (Scotiabank)
is limiting lending by its ScotiaMocatta metals unit as it
embarks on a radical restructuring likely to halve the size of
the business, sources familiar with the matter said.

    * CHILE: Chile's finance minister on Wednesday described as
"imprudent" the appointment by lithium miner SQM of its
former Chairman Julio Ponce as a strategic adviser, in light of
an agreement with the state that he distance himself from the
firm.    
    * COLUMN: Tesla leads electric vehicle race to cut cobalt
dependency: Andy Home
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares rose to 2 1/2-month high on Thursday,
supported by strong economic fundamentals, while expectations
the European Central Bank could start to wind down its stimulus
boosted the euro and global bond yields.    
        
    DATA AHEAD (GMT)
    0600  Germany     Industrial orders Apr
    0645  France      Trade data Apr
    0900  Euro zone Revised GDP Q1
    1230  U.S.    Weekly jobless claims
    *     China      Forex reserves May    
    *No exact timing
        
    PRICES      
 BASE METALS PRICES                        0134 GMT
 Three month LME copper                      7247.5
 Most active ShFE copper                      53780
 Three month LME aluminium                   2333.5
 Most active ShFE aluminium                   14940
 Three month LME zinc                          3192
 Most active ShFE zinc                        24620
 Three month LME lead                          2522
 Most active ShFE lead                        20600
 Three month LME nickel                       15595
 Most active ShFE nickel                     117340
 Three month LME tin                          20925
 Most active ShFE tin                        152630
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3      34.92
 LME/SHFE ALUMINIUM           LMESHFALc3   -2333.15
 LME/SHFE ZINC                LMESHFZNc3     137.77
 LME/SHFE LEAD                LMESHFPBc3     491.57
 LME/SHFE NICKEL              LMESHFNIc3    -371.96
 


($1 = 6.3866 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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