April 10, 2020 / 2:56 AM / 2 months ago

METALS-Shanghai copper trades steady, but heads for best week since Dec

    BEIJING, April 10 (Reuters) - Shanghai copper prices held
steady after early falls on Friday and were headed for their
best week since December on signs of a recovery in demand in top
consumer China and tightening supply across the globe.
    The metal was up 2.8% for the week, poised for its third
straight weekly rise and also the biggest weekly gain since the
week ended Dec. 13.      
    The London Metal Exchange is closed on Friday and Monday due
to the Easter holiday.
    
    FUNDAMENTALS
    * COPPER: The most-traded ShFE copper contract fell
as much as 0.7% before recovering to trade up 0.1% at 40,860
yuan ($288,702.04) by 0216 GMT.
    * CHINA PPI: China's factory gate prices in March fell 1.5%
year-on-year, data showed, marking the sharpest decline in five
months and suggesting the economy remains some way off from
mounting a durable recovery from the coronavirus shock that shut
down the country.
    * COPPER: Australia-based miner MMG Ltd has
declared force majeure on copper concentrate supplies from its
Las Bambas mine in Peru, four sources told Reuters on Thursday.

    * CHILE: Chile state copper miner Codelco, the world´s
largest, said on Wednesday its production continued in line with
its plans despite the measures it has implemented to stave off
the spread of coronavirus at its operations.
    * CHINA: A video conferencing meeting of China's top copper
smelters was unable to reach consensus on processing fees for
the second quarter of 2020, three sources said.
    * OTHER METALS: Nickel, used to make stainless
steel, rose as much as 2.9% in Shanghai to 97,840 yuan a tonne,
its highest since March 18, while tin gained 3.4% to
126,410 yuan a tonne, the highest since March 17.
    Both metals tracked Thursday's gains in London. LME tin
 climbed as much as 5% to $15,120 a tonne, the highest
since March 17, on Thursday. "Yesterday, the LME left us a very
good closing price," one trader said.    
    * POLL: Prices of base metals are expected to struggle in
the coming months as the market is hit by feeble demand after
widespread lockdowns to suppress the coronavirus pandemic
smothered industrial activity, a Reuters poll showed.
                     
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    DATA/EVENTS AHEAD
1230   US      CPI MM, SA   March        
        
    PRICES        
 BASE METALS PRICES                     0216 GMT
 Most active ShFE copper                   40850
 Most active ShFE aluminium                11745
 Most active ShFE zinc                     15555
 Most active ShFE lead                     13805
 Most active ShFE nickel                   97270
 Most active ShFE tin                     125650
 ($1 = 0.1415 Chinese yuan)

 (Reporting by Tom Daly; Editing by Subhranshu Sahu)
  
 
 
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