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METALS-London copper stays above one-month low on steady demand
November 13, 2017 / 6:23 AM / in 11 days

METALS-London copper stays above one-month low on steady demand

 (Updates prices)
    MELBOURNE, Nov 13 (Reuters) - London copper on Monday
climbed away from one-month lows hit last week, buoyed by steady
demand and as the dollar hovered below recent peaks. 
    "Investors will be looking at Chinese fixed asset investment
and industrial production numbers for October (released Tuesday)
to glean any signs of weakening demand for commodities," ANZ
said in a report. 
    
    FUNDAMENTALS
    * COPPER: London Metal Exchange copper had edged up
0.7 percent to $6,832.50 a tonne by 0719 GMT, erasing small
losses from the previous session. Prices last week fell to the
weakest in around a month at $6,761.50 a tonne. 
    * SHFE COPPER: Shanghai Futures Exchange copper
finished up 0.3 percent at 53,650 yuan ($8,076) a tonne. 
    * NICKEL: LME nickel rallied 2.3 percent, rebounding
after prices hit their weakest in more than a week on Friday. 
     * CHINA DATA: Chinese data this month is expected to show
the world's second-biggest economy cooled further in October as
policy makers harden efforts to reduce financial risks and
foster long term sustainable growth.
    * U.S. POLICY: A Federal Reserve official said on Monday he
expects to back an interest rate hike next month despite caution
over the low-inflation "conundrum," since the U.S. central bank
needs to prepare for any future economic shock.
    * FREEPORT: The Indonesian unit of Freeport-McMoRan Inc
 has reopened the main supply route to its huge copper
mine in Papua, the company said on Monday, after the road was
closed on Sunday following a shooting incident in the
area.
    * COPPER INVESTORS: Hedge funds and money managers reduced
their net long position in COMEX copper contracts in the week to
Oct. 31, U.S. Commodity Futures Trading Commission data showed
on Friday. Non-commercial net longs turned lower from what had
been the strongest since February.
    * CHINA: China will raise foreign ownership limits in
financial firms in a step granting access to a tantalizing
multi-trillion dollar financial services market, as the country
seeks to position itself as a major global finance hub.

    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares stepped back in cautious early trade on
Monday as investors look to see whether U.S. Republicans could
hammer a tax reform deal quickly, while the British pound fell
on growing doubts over Prime Minister Theresa May's leadership.
    
    
    PRICES    
 BASE METALS PRICES                0719 GMT            
 Three month LME copper                          6831.5
 Most active ShFE copper                          53640
 Three month LME aluminium                       2108.5
 Most active ShFE aluminium                       15555
 Three month LME zinc                            3226.5
 Most active ShFE zinc                            25815
 Three month LME lead                            2523.5
 Most active ShFE lead                            19255
 Three month LME nickel                           12400
 Most active ShFE nickel                         100580
 Three month LME tin                              19525
 Most active ShFE tin                            143820
                                                       
 BASE METALS ARBITRAGE                                 
 LME/SHFE COPPER              LMESHFCUc3         591.38
 LME/SHFE ALUMINIUM           LMESHFALc3        -720.08
 LME/SHFE ZINC                LMESHFZNc3          509.1
 LME/SHFE LEAD                LMESHFPBc3        -891.14
 LME/SHFE NICKEL              LMESHFNIc3        2258.58
 

($1 = 6.6435 Chinese yuan)

    
 (Reporting by Melanie Burton; Editing by Gopakumar Warrier and
Joseph Radford)
  
 
 

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