June 7, 2017 / 1:44 AM / in 3 years

METALS-London copper climbs as investors shift away from equities

SYDNEY, June 7 (Reuters) - London copper edged higher in early trading in Asia on Wednesday as some investors switched into commodities from equities.

With British elections, a European Central Bank policy meeting where policymakers may take a less dovish stance, and former FBI director James Comey’s Senate testimony on all set for Thursday, investors are wary of taking big positions in stock markets.

“Political uncertainty continues to drive commodity markets, while a weaker U.S. dollar helps improve investor appetite,” Australia & New Zealand Bank said in client note.


* Three-month copper on the London Metal Exchange had risen 0.02 percent to $5,628.50 a tonne by 0100 GMT, reversing losses from the previous session.

* The most-traded copper contract on the Shanghai Futures Exchange slipped 0.04 percent to 451,20 yuan ($6,641) a tonne.

* ALUMINIUM: Qatar’s isolation by top Arab nations has already hit aluminium exports from a plant part-owned by Norway’s Norsk Hydro, which warned it would take time to restart them.

* RIO TINTO: Rio Tinto and China Minmetals Corp signed an outline deal on collaboration in mineral exploration.

* DOLLAR STUCK: The dollar was near a six-week low against the safe-haven yen.

* LEAD: ShFE lead was the biggest loser in China metals futures, down more than 1 percent at the open. LME lead prices were slightly firmer at $2,077 a tonne, reversing an overnight loss.

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* Gold and sovereign debt are set to build on solid overnight gains, while Asian stocks are likely to slip on Wednesday as investors reduce risk before the major political and economic events later this week.

DATA AHEAD (GMT) * China Forex reserves May 0600 Germany Industrial orders Apr 0900 Euro zone Revised GDP Q1 1900 U.S. Consumer credit Apr

*No exact timing.


Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS ($1 = 6.7945 Chinese yuan renminbi)

Reporting by James Regan; Editing by Joseph Radford

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