March 22, 2017 / 1:51 AM / 4 months ago

METALS-LME copper hits lowest in more than a week on Trump policy doubts

3 Min Read

MELBOURNE, March 22 (Reuters) - London copper dropped with other commodities on Wednesday as investors shunned risk on doubts over the economic agenda of U.S. President Donald Trump.

Fundamentals

* LONDON COPPER: Three-month copper on the London Metal Exchange had slipped 0.6 percent to $5,740 a tonne by 0118 GMT, extending losses from the previous session. Prices earlier touched their weakest since March 10 at $5,733 a tonne, but found support at the 100-day moving average.

* SHANGHAI COPPER: Shanghai Futures Exchange copper fell 2.2 percent to 46,640 yuan ($6,776) a tonne.

* CHINA ECONOMY: China's economic growth is likely to slow to 6.5 percent this year and cool further to 6.3 percent in 2018, the OECD said, though exports are set to pick up as global demand strengthens.

* U.S. INTEREST RATES: Cleveland Federal Reserve President Loretta Mester said on Tuesday that she currently envisages more than three U.S. interest rate hikes for this year.

* PERU METALS OUTPUT: Peru's copper production rose by 24.8 percent in January from the same month a year earlier, while zinc output increased by 11.3 percent and gold slipped slightly, official data showed on Tuesday.

* PERU DISRUPTION: Peruvian zinc and silver miner Volcan said it had declared force majeure on its mineral deliveries after heavy flooding disrupted transportation from the country's central region to the Pacific coast.

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

Markets News

* Asian stocks fell on Wednesday as a sharp pullback in Wall Street on doubts about Trump's economic agenda prompted investors to rush to safe-haven assets such as gold and government bonds.

Data/Events

0900 Euro zone Current account Jan

1300 U.S. Monthly home price index Jan

1400 U.S. Existing home sales Feb Wednesday, 22 March 2017

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

ARBS ($1 = 6.8830 Chinese yuan renminbi)

Reporting by Melanie Burton; Editing by Joseph Radford

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