August 30, 2017 / 1:36 AM / a year ago

METALS-London copper holds below three-year top as dollar rebounds

MELBOURNE, Aug 30 (Reuters) - London copper was treading water a whisker from its highest level in three years on Wednesday as a dollar rebound slowed a rally in prices based on China’s robust housing and manufacturing growth.


* LME COPPER: London Metal Exchange copper slipped by 0.1 percent to $6,786 a tonne by 0114 GMT, largely holding 1.9 percent gains from the previous session when prices hit $6,843.50 a tonne, the highest since September 2014.

* SHFE COPPER: Shanghai Futures Exchange copper was trading close to its highest since Feb 2013, at 52,590 yuan ($7,975) a tonne, having edged down 0.2 percent.

* COPPER OUTLOOK: “I’m a little skeptical (of copper prices) in the short-term,” the chairman of Chilean state-owned copper company Codelco said on Tuesday. “It’s true that all of the fundamentals are good in the medium- and long-term ... but I would be very cautious.”

* ALUMINIUM: LME aluminium stocks have climbed by around 40,000 tonnes since mid-month, as traders deliver metal rather than hold it given a blow-out in spreads. The premium to roll aluminium for a day, seen in Tomorrow-Next Day (Tom-Next) spreads, surged to $10 for four of the past five sessions. CMALT-0 The premium for cash against three months prices however has sharply fallen from $11 to a $10 discount, suggesting large inflows may be on their way.

* CHINA ECONOMY: China can meet its 2017 economic growth targets but may struggle to meet its investment and foreign investment goals, the country’s state planning head told parliament on Tuesday, according to the official Xinhua News Agency.

* CHINA FACTORIES: China’s factories likely posted another solid month of growth in August, suggesting the world’s second-largest economy is still growing at a healthy clip despite rising financing costs and a cooling housing market, a Reuters poll showed.

* U.S. ECONOMY: U.S consumer confidence surged to a five-month high in August as households grew increasingly upbeat about the labour market while house prices rose further in June, suggesting a recent acceleration in consumer spending was likely to be sustained.

* USD: The dollar fell to its lowest in more than 2-1/2 years against a basket of major currencies on Tuesday after a North Korea missile launch over Japan prompted repatriation flows into the yen and added to worries about U.S. politics.

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* The dollar rebounded from a 2-1/2-year low on Wednesday as concerns about North Korea’s firing of a missile over Japan ebbed, but Asian stocks were muted despite Wall Street’s higher close.


0900 Euro zone Business climate Aug

1200 Germany Consumer prices Aug

1215 U.S. ADP national employment Aug

1230 U.S. GDP 2nd estimate Q2


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 = 6.5945 Chinese yuan renminbi)

Reporting by Melanie Burton; Editing by Richard Pullin

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