Reuters logo
5 months ago
METALS-London copper supported by dollar, supply concerns
March 6, 2017 / 1:36 AM / 5 months ago

METALS-London copper supported by dollar, supply concerns

MELBOURNE, March 6 (Reuters) - London copper edged up Monday as prices found support from protracted disruptions at the world's two biggest copper mines, and a decline in the recent strength of the dollar.

FUNDAMENTALS

* London copper rose 0.3 percent to $5,937 a tonne by 0017 GMT, after closing a tad softer in the previous session. Prices have been trading around $5,800-$6,200 a tonne for most of the past month, having jumped to a 20-month top at $6,204 on Feb. 13 after disruptions worsened at the world's top copper mine, Chile's Escondida.

* Shanghai Futures Exchange copper edged up 0.1 percent to 48,210 yuan ($6,992) a tonne.

* The U.S. Federal Reserve's long-stalled 'liftoff' of interest rates may finally get airborne this year as policymakers from Chair Janet Yellen on Friday to regional leaders across the United States signalled that the era of easy money is drawing to a close.

* Activity in China's services sector expanded at the slowest pace in four months in February, with new business still growing at a solid rate but increasing competition making it harder for companies to raise prices, a private survey showed.

* As mineral and metal prices have rebounded from a slump, so have the fortunes of small miners, and some industry experts are predicting even better times, ahead of the industry's biggest conference for explorers and developers.

* Speculators slashed their bullish position in Comex copper futures and options by 7,851 lots to 70,660 lots, U.S. Commodity Futures Trading Commission data showed on Friday.

* Chile expects economic activity growth to be hit by around one percentage point in February because of a strike at world no.1 copper mine Escondida, as copper output slides 12 percent year-on-year, the government said on Thursday.

* Indonesia will not back down from new rules requiring Freeport-McMoran to divest a majority stake in its local unit, Energy and Mineral Resources Minister Ignasius Jonan said, in a dispute over rights to the world's second-biggest copper mine.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares and U.S. stock futures dropped on Monday as investors weighed the near-certain prospect of an interest rate hike in the United States this month against news of slower growth in China this year.

DATA AHEAD (GMT)

0930 Euro zone Sentix index Mar

1500 U.S. Factory orders Jan

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin ($1 = 6.8954 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Richard Pullin)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below