April 6, 2017 / 6:40 AM / 4 months ago

METALS-London copper eases ahead of China-U.S. meet

4 Min Read

 (Updates prices)
    By Melanie Burton
    MELBOURNE, April 6 (Reuters) - London copper eased on
Thursday as trade was thin ahead of a meeting between the
leaders of China and the United States, but Chinese demand
underpinned prices as the seasonally strongest quarter for
industrial metals gets underway.
    In Asia, investors were paring risk before a potentially
tense meeting between U.S. President Donald Trump and Chinese
counterpart Xi Jinping later on Thursday where China's trade
surplus will be high on the agenda.
    A flurry of data in coming weeks is expected to show China
posted solid economic growth in March. That momentum should
carry over into higher metals demand during the second quarter,
when consumption typically peaks in China.
    "Prices are likely to remain buoyant as Chinese markets
reopen amid growing positive sentiment around Chinese growth,"
said ANZ in a note. 
    * LME COPPER: Three-month copper on the London Metal
Exchange eased by 0.2 percent to $5,883.50 a tonne by
0705 GMT, paring 2 percent gains from the previous session when
Chinese buyers returned from a long holiday weekend. 
    * SHFE COPPER: Futures Exchange copper ended up 1
pct at 47,810 yuan ($6,929) a tonne. Shfe tin rallied
2.6 percent.
    * LEAD, ZINC: Australian miner South32 Ltd on
Thursday said its Cannington silver and lead mine in the
country's northeast had been hit by a fire, forcing it to cut
output forecasts.
    * ASIA GROWTH: Developing Asia is on track to post its
slowest annual growth in 16 years this year as it adjusts to
China's rebalancing and possible spillovers from global policy
uncertainty, the Asian Development Bank said.
    * FREEPORT: Freeport McMoRan Inc is awaiting final
details on a temporary export permit in Indonesia, which would
end a 12-week ban that has cost the world's biggest publicly
traded copper company nearly $1 billion in lost revenues, its
top executives told Reuters on Wednesday.
    * COPPER: The copper business will recover from crisis mode
after plummeting prices for the metal resulted in output cuts,
industry executives said at a meeting in world top copper
producer Chile this week, but they expect that incipient
recovery will be slow.
    PRICES    
    
 BASE METALS PRICES             0705 GMT           
 Three month LME copper                        5879
 Most active ShFE copper                      47810
 Three month LME aluminium                     1961
 Most active ShFE                                10
 aluminium                                
 Three month LME zinc                        2785.5
 Most active ShFE zinc                        23085
 Three month LME lead                          2308
 Most active ShFE lead                            1
 Three month LME nickel                       10260
 Most active ShFE nickel                          8
 Three month LME tin                          20345
 Most active ShFE tin                             2
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER            LMESHFCUc3       673.71
 LME/SHFE ALUMINIUM         LMESHFALc3     -1602.16
 LME/SHFE ZINC              LMESHFZNc3       319.23
 LME/SHFE LEAD              LMESHFPBc3     -1424.28
 LME/SHFE NICKEL            LMESHFNIc3         2005
                                                   
 
($1 = 6.9000 Chinese yuan)

    
 (Reporting by Melanie Burton; Editing by Christian Schmollinger
and Amrutha Gayathri)
  
 
 

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