August 22, 2017 / 5:53 AM / a year ago

METALS-Metals ease from peaks, but iron ore rally supports

 (Updates prices)
    MELBOURNE, Aug 22 (Reuters) - London copper steadied on
Tuesday from three-year highs touched the session before, as the
resumption of a rally in iron ore prices offered support to the
    "The wider sector continues to benefit from an increasingly
positive sentiment as economic growth betters expectations amid
a (broadly) weaker USD," said ANZ in a report.
    The dollar however inched higher against a basket of
currencies on Tuesday capping metals, with traders focusing on
the annual central banking conference in Jackson Hole this week
for insights into the outlook for monetary policy.
    * LONDON COPPER: London Metal Exchange copper pared
early losses to trade little changed at $6,593 a tonne by 0535
GMT. That followed 1.5-percent gains the previous session, when
prices hit their highest since November 2014 at $6,623 a tonne.
    * SHANGHAI COPPER: Shanghai Futures Exchange copper
climbed 1.1 percent to 51,740 yuan ($7,771) having struck its
strongest since March 2013 at 52,130 yuan a tonne overnight. 
    * OTHER METALS: ShFE nickel trimmed early gains to
be up 2.2 percent, while zinc and lead sagged
by 0.6 and 1.8 percent respectively. 
    * CHINA STEEL: China's steel sector offered some support,
with rebar flat and Dalian iron ore up 3 pct.
    * PRICE OUTLOOK: "Maybe we have seen the high of this year,
prices could consolidate a bit towards Q4," said one trader in
Singapore. "I think medium term is still bullish on commodities
(but) I am not too bullish for the short term. (Still), not a
good time to short, even though looks high now." 
    * CHINA DEBT: Rising corporate profits are providing Chinese
policymakers with room to do more to tackle the country's
growing debt problems without inflicting major damage on the
    * BHP: Global mining giant BHP Billiton
posted a surge in annual underlying profit to $6.7 billion on
Tuesday, and said it was putting its U.S. shale assets up for
    * SHANGHAI FEES: The ShFE said on Monday it would adjust
transaction fees for zinc futures for delivery in October and
November and would limit the volumes non-members could trade
each day from Aug. 23.
    * CHILE: The Chilean government rejected on Monday a
controversial $2.5-billion copper and iron project proposed by
privately-held Andes Iron, though the company vowed to appeal.

    * MINMETALS: China Minmetals Corp (CHMIN.UL) plans to invest
10 billion yuan ($1.50 billion) to upgrade its copper, lead and
zinc smelting facilities Hunan province, a spokesman confirmed
on Monday, after a recent rebuke from the Ministry of
Environmental Protection (MEP).
    * COMING UP: U.S. Home prices (FHFA) for Jun at 1300 GMT
    * For the top stories in metals and other news, click       
 BASE METALS PRICES                   0533 GMT          
 Three month LME copper                             6592
 Most active ShFE copper                           51750
 Three month LME aluminium                        2075.5
 Most active ShFE aluminium                        16375
 Three month LME zinc                               3122
 Most active ShFE zinc                             26180
 Three month LME lead                             2343.5
 Most active ShFE lead                             19290
 Three month LME nickel                            11335
 Most active ShFE nickel                           91890
 Three month LME tin                               20435
 Most active ShFE tin                             144170
 BASE METALS ARBITRAGE                                  
 LME/SHFE COPPER                LMESHFCUc3        575.76
 LME/SHFE ALUMINIUM             LMESHFALc3        327.08
 LME/SHFE ZINC                  LMESHFZNc3        1283.3
 LME/SHFE LEAD                  LMESHFPBc3        352.61
 LME/SHFE NICKEL                LMESHFNIc3       1537.92

($1 = 6.6579 Chinese yuan renminbi)

 (Reporting by Melanie Burton; Editing by Joseph Radford and
Richard Pullin)
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