February 14, 2018 / 2:26 AM / 4 days ago

METALS-Shanghai copper rises as traders take pre-holiday positions

    BEIJING, Feb 14 (Reuters) - Shanghai copper prices rose for
a second session on Wednesday, tracking a strong jump in London
the previous day, as traders took up new positions in the metal
before the Shanghai Futures Exchange (ShFE) closes for a
week-long holiday.
        
    FUNDAMENTALS
    * SHFE COPPER: The most-traded April copper contract on the
ShFE was up 1.4 percent at 52,590 yuan ($8,286.72) a
tonne, as of 0210 GMT.
    * OPEN INTEREST: Market open interest on Shanghai copper hit
811,170 lots on Tuesday, the highest since January 2016, ahead
of the Lunar New Year holiday in China beginning on Thursday.
    * LME COPPER: Three-month copper on the London Metal
Exchange climbed 0.2 percent to $6,998.50, having
briefly broken above the barrier of $7,000 a tonne. 
    * NICKEL ZINC: Shanghai nickel gained 2.4 percent,
tracking a 2.7 percent rise in London on Tuesday, while zinc
 climbed 1.9 percent on indications of a tight market.
    * ALUMINIUM: U.S. President Donald Trump said on Tuesday he
was considering a range of options to address steel and aluminum
imports that he said were unfairly hurting U.S. producers,
including tariffs and quotas.
    * CENTRAL ASIA: Base metals miner Central Asia Metals (CAML)
 is on the hunt for a new copper project in Southern
Africa for up to $400 million in what would be its first foray
into the continent, its chief executive said.
    * RIO: Standard & Poor's on Tuesday raised its credit rating
on global miner Rio Tinto for the first time
since 2011 on the back of strong financial results and said the
global miner could easily fund a big acquisition.
    * COBALT: The London Metal Exchange could remove companies
from its list of approved metal suppliers if they fall short of
industry standards following an outcry about cobalt mined by
children in Africa, three sources said.
    
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian shares were set for a tense session on Wednesday as
investors await readings on U.S. inflation that could fan fears
of faster rate hikes and unleash another burst of global
volatility.    
        
    DATA AHEAD (GMT)
    0700  Germany     GDP flash estimate Q4
    1000  Euro zone GDP flash estimate Q4
    1000  Euro zone Industrial production Dec
    1330  U.S.     Consumer prices Jan
    1330  U.S.     Retail sales Jan
    1500  U.S.    Business inventories Dec
    
    PRICES
    
 BASE METALS PRICES                      0210 GMT
 Three month LME copper                    6998.5
 Most active ShFE copper                    52590
 Three month LME                             2141
 aluminium                             
 Most active ShFE                           14325
 aluminium                             
 Three month LME zinc                      3464.5
 Most active ShFE zinc                      26530
 Three month LME lead                        2557
 Most active ShFE lead                      19265
 Three month LME nickel                     13495
 Most active ShFE nickel                   102720
 Three month LME tin                        21540
 Most active ShFE tin                      148630
                                                 
 BASE METALS ARBITRAGE                           
 LME/SHFE COPPER           LMESHFCUc3       825.7
 LME/SHFE ALUMINIUM        LMESHFALc3     -1457.7
                                       
 LME/SHFE ZINC             LMESHFZNc3      476.92
 LME/SHFE LEAD             LMESHFPBc3     -382.18
 LME/SHFE NICKEL           LMESHFNIc3      438.41
                                       
 

($1 = 6.3463 Chinese yuan)

    
 (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
  
 
 
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