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METALS-Copper prices pick up from 1-mth low as weaker dollar lifts metals
November 10, 2017 / 2:37 AM / a month ago

METALS-Copper prices pick up from 1-mth low as weaker dollar lifts metals

    MELBOURNE, Nov 10 (Reuters) - London Metal Exchange copper
on Friday edged away from one-month lows as a weaker dollar
broadly lifted base metals, although it remained on track for a
weekly loss.
    
    FUNDAMENTALS
    * COPPER: LME copper had risen 0.1 percent to
$6,816.50 a tonne by 0212 GMT, following small losses in the
previous session when it sank to its weakest since Oct. 11 at
$6,761.50. Shanghai Futures Exchange copper was flat at
53,490 yuan ($8,058) a tonne.
    * OPEN INTEREST: Open interest in the LME copper contract
has fallen below 320,000 lots to the lowest since May
MCU-OI-TOT and close to the lowest in a year. 
    * U.S. DOLLAR: The U.S. dollar slipped to a six-day low
against a basket of currencies on Thursday as investors fretted
over a Republican tax plan that would delay corporate tax cuts.

    * JAPAN MANUFACTURERS: Confidence among Japanese
manufacturers slipped in November from a decade-high seen the
previous month, a Reuters poll showed, but it remained strong -
underscoring the economy's continuing expansion.
    * NOBLE: Commodities trader Noble Group reported a
third-quarter loss of $1.17 billion, hit by charges from
disposals of some of its businesses, and warned that the
operating environment remains challenging. 
    * FREEPORT: Armed separatists have occupied five villages in
Indonesia's Papua province, threatening to disrupt
Freeport-McMoRan Inc's giant Grasberg copper mine, which
has already been hit this year by labour unrest and a dispute
over operating rights.
    * LEAD: LME lead was the only metal on track for a
weekly gain, of 3.1 percent, as prices hit the highest since
Oct. 17 at $2,542 a tonne. LME stocks have fallen to the lowest
in almost two years below 150,000 tonnes. MPBSTX-TOTAL
    * LEAD FUNDAMENTALS: Global demand for refined lead metal
will exceed supply by 125,000 tonnes this year, while a deficit
of 45,000 tonnes is expected in 2018, according to the
International Lead and Zinc Study Group (ILZSG).
        
    MARKETS NEWS    
    * Asian shares slipped on Friday on the uncertainty over
U.S. tax reforms.    
        
    
    DATA AHEAD (GMT)
    0745   France Industrial output Sep
    0930   Britain Industrial output Sep
    1500   U.S. Univ of Michigan sentiment index Nov    
    
 BASE METALS PRICES                 0114 GMT           
 Three month LME copper                          6832.5
 Most active ShFE copper                          53580
 Three month LME aluminium                         2097
 Most active ShFE aluminium                       15550
 Three month LME zinc                            3195.5
 Most active ShFE zinc                            25665
 Three month LME lead                              2532
 Most active ShFE lead                            19185
 Three month LME nickel                           12375
 Most active ShFE nickel                          99530
 Three month LME tin                                  0
 Most active ShFE tin                            143050
                                                       
 BASE METALS ARBITRAGE                                 
 LME/SHFE COPPER                LMESHFCUc3       582.78
 LME/SHFE ALUMINIUM             LMESHFALc3      -626.74
 LME/SHFE ZINC                  LMESHFZNc3       602.53
 LME/SHFE LEAD                  LMESHFPBc3     -1113.45
 LME/SHFE NICKEL                LMESHFNIc3      2739.22
 


($1 = 6.6381 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; Editing by Joseph Radford)
  
 
 

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