May 16, 2018 / 1:52 AM / 6 months ago

METALS-Copper struggles as dollar hovers near five-month peak

    MANILA, May 16 (Reuters) - London copper futures struggled
to recover on Wednesday after a two-day slide as the U.S. dollar
hovered near a five-month high versus a basket of major
currencies following a surge in Treasury yields.
    Three-month copper on the London Metal Exchange was
little changed at $6,812.50 per tonne by 0139 GMT.
    Also weighing on risk appetite was news that North Korea
cancelled high-level talks with Seoul, denouncing military
exercises between South Korea and the United States, breaking
from several months of easing relations on the peninsula.
 
        
    SHANGHAI COPPER: The most-traded July copper contract on the
Shanghai Futures Exchange slipped 0.5 percent to 51,030
yuan ($8,002) a tonne.
    DOLLAR: The dollar index against a group of major currencies
 rose 0.1 percent to 93.321, not far from Tuesday's peak
of 93.457, its highest since Dec. 22. A firmer greenback makes
dollar-denominated assets more expensive for holders of other
currencies.
    SHANGHAI EXCHANGE: The Shanghai Futures Exchange said it
will launch China's first real-time platform for trading
physical commodities from copper to chemicals, as it seeks to
improve transparency and challenge rivals in the global futures
market.
    CHINA DATA: China's new home prices rose 0.5 percent in
April from a month earlier, compared with an increase of 0.4
percent in March.
    LITHIUM: China's Tianqi Lithium is nearing a
deal to buy a 24 percent stake in Chile's Sociedad Quimica Y
Minera, one of the world's biggest lithium producers,
for about $4.3 billion.
    MINING: Rio Tinto CEO Jean-Sebastien
Jacques said resource companies needed to build "the United
Nations of the mining industry" to tackle rising resource
nationalism and cost inflation.
    U.S.-CHINA TRADE: The United States is seeking to make a
trade deal with China, White House economic adviser Larry Kudlow
said as bilateral talks between the world's two economic
powerhouses resume in Washington this week.
    ASIAN SHARES: Asian markets fell after Pyongyang called off
talks with Seoul, throwing a major U.S.-North Korean summit into
question, and a spike in the U.S. 10-year Treasury yield to a
seven-year high knocked sentiment on Wall Street.   
        
    DATA AHEAD (GMT)
    0130  China              House prices                Apr
    1230  U.S.               Housing starts              Apr
    1230  U.S.               Building permits            Apr
    1315  U.S.               Industrial production       Apr
        
 BASE METALS PRICES                                  0139 GMT
 Three month LME copper                                6812.5
 Most active ShFE copper                                51030
 Three month LME aluminium                             2326.5
 Most active ShFE aluminium                             14800
 Three month LME zinc                                    3079
 Most active ShFE zinc                                  23875
 Three month LME lead                                    2356
 Most active ShFE lead                                  19305
 Three month LME nickel                                 14380
 Most active ShFE nickel                               107230
 Three month LME tin                                        0
 Most active ShFE tin                                  146010
                                                             
 BASE METALS ARBITRAGE                                       
 LME/SHFE COPPER                 LMESHFCUc3            412.36
 LME/SHFE ALUMINIUM              LMESHFALc3          -2466.13
 LME/SHFE ZINC                   LMESHFZNc3            572.66
 LME/SHFE LEAD                   LMESHFPBc3            293.05
 LME/SHFE NICKEL                 LMESHFNIc3          -1803.64
 
 ($1 = 6.3773 Chinese yuan)

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