June 18, 2018 / 7:19 AM / a month ago

METALS-London copper slips to near 2-week low amid China holiday

 (Updates prices)
    By Melanie Burton
    MELBOURNE, June 18 (Reuters) - London copper slipped on
Monday to a near two-week low on pressure from a stronger
dollar, and as a holiday in China drained buying interest from
the market. 
           
    FUNDAMENTALS
    * COPPER: London Metal Exchange copper had eased by
0.3 percent to $6,997 by 0705 GMT, following losses of 2.2
percent in the previous session. It earlier touched a near
two-week low of $6,978.
    * HOLIDAY: The Shanghai Futures Exchange was closed on
Monday for a holiday. 
    * INVESTORS: Hedge funds and money managers raised their net
long positions in COMEX copper in the week to June 12, by 28,941
contracts to 77,740 contracts, U.S. Commodity Futures Trading
Commission (CFTC) data showed on Friday. This was the strongest
net long position since January.
    * STERLITE: A minor leak has been detected in the sulphuric
acid storage plant in Vedanta's south Indian copper
smelter, a government official said on Sunday, about a month
after the state ordered its shutdown after protests in which 13
people died.
    * ALUMINIUM: LME aluminium hit its weakest in nearly
eight weeks at $2,193.50. Support is seen at $2,175 a tonne, the
200-day moving average. 
    * METALS DEMAND: Japan's exports rose in May at the fastest
pace in four months thanks to increased shipments of cars, car
parts, and semiconductor equipment in a sign that global demand
is gaining strength.
    * COBALT: Panasonic Corp expects to more than
triple its cobalt consumption in five years' time, industry
sources said, even as the company aims to develop cobalt-free
automotive batteries in the near future. [nL8N1TD4SB
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares retreated on Monday after U.S. President
Donald Trump cranked up trade tensions with China by going ahead
with tariffs on Chinese imports, prompting Beijing to
immediately respond in kind.    
        
    DATA/EVENTS    
    1230  U.S. New York Fed manufacturing Jun
    1315  U.S. Industrial production May
    1400  U.S. University of Michigan sentiment index Jun    
    PRICES    
 BASE METALS PRICES                     0701 GMT           
 Three month LME copper                              6990.5
 Most active ShFE copper                                  0
 Three month LME aluminium                           2194.5
 Most active ShFE aluminium                               0
 Three month LME zinc                                  3062
 Most active ShFE zinc                                    0
 Three month LME lead                                  2395
 Most active ShFE lead                                    0
 Three month LME nickel                               15170
 Most active ShFE nickel                                  0
 Three month LME tin                                  20775
 Most active ShFE tin                                     0
                                                           
 BASE METALS ARBITRAGE                                     
 LME/SHFE COPPER                LMESHFCUc3                0
 LME/SHFE ALUMINIUM             LMESHFALc3                0
 LME/SHFE ZINC                  LMESHFZNc3                0
 LME/SHFE LEAD                  LMESHFPBc3                0
 LME/SHFE NICKEL                LMESHFNIc3                0
 
    
 (Reporting by Melanie Burton; Editing by Subhranshu Sahu)
  
 
 
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