MELBOURNE, April 19 London copper hovered close
to its weakest since January on Wednesday, on concerns China's
base metals demand could temper in the coming quarter following
a wobble in steel.
* LME COPPER: Three-month copper on the London Metal
Exchange climbed by 0.5 percent to $5601.50 a tonne by
0120 GMT, paring 2.1 percent losses from the previous session,
when prices hit their lowest since early January at $5,568 a
* SHFE: Shanghai Futures Exchange copper dropped 2
percent to 45,380 yuan ($6,598) a tonne. Steel-linked metals,
Shanghai zinc and nickel were punished by losses in the sector
amid mounting China inventories and record steel production.
Steel demand, used early in the construction cycle, is seen as a
forward indicator for demand intensity of other metals.
* Shanghai zinc declined 3.8 percent, following
similar losses in London overnight, while Shfe nickel
fell 3 percent, having tracked a steep slide on the LME in the
* CHINA PROPERTY: Prices in China's sizzling property
market, a major driver of growth in the world's second-largest
economy, accelerated in March on a monthly basis, shaking off
the impact of recent cooling measures introduced to dampen
* CHINA ECONOMY: A recovery in China's industrial sector,
which accounts for about one-third of the economy, drove China's
better-than-expected first quarter economic growth as export
orders picked up and steel output hit a record.
* IMF: The International Monetary Fund raised its 2017
global growth forecast on Tuesday due to manufacturing and trade
gains in Europe, Japan and China, but warned that protectionist
policies threaten to choke a broad-based recovery.
* U.S. ECONOMY: U.S. homebuilding fell in March after
unseasonably mild weather buoyed activity in February and
manufacturing output dropped for the first time in seven months,
further indications that economic growth braked sharply in the
* PERU MINING: Peru expects investments of more than $37
billion in mining projects through 2021, Energy and Mining
Minister Gonzalo Tamayo said on Tuesday.
* CHILE DISRUPTION: A supervisor at the Salvador copper mine
owned by Chile's Codelco died in an accident on
Tuesday, causing the state-owned company to suspend operations
at its concentrator plant there.
* FREEPORT: Freeport McMoRan Inc has received
preliminary approval to resume copper concentrate exports from
its Indonesian operation and hopes to lodge an application for
an export permit this week, a company spokesman said.
* Sterling stole the show in Asia on Wednesday amid
speculation Britain's surprise decision to call a snap election
could ultimately deliver a more market-friendly outcome in its
divorce from the European Union.
0900 Euro zone Eurostat trade Feb
0900 Euro zone Inflation final Mar
1800 U.S. Federal Reserve's Beige Book
BASE METALS PRICES
Three month LME copper 5617
Most active ShFE copper 45540
Three month LME aluminium 1909.5
Most active ShFE aluminium 14315
Three month LME zinc 2533
Most active ShFE zinc 20855
Three month LME lead 2121
Most active ShFE lead 15720
Three month LME nickel 9365
Most active ShFE nickel 78350
Three month LME tin 19640
Most active ShFE tin 140620
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 437.48
LME/SHFE ALUMINIUM LMESHFALc3 -959.18
LME/SHFE ZINC LMESHFZNc3 167.09
LME/SHFE LEAD LMESHFPBc3 -1844.95
LME/SHFE NICKEL LMESHFNIc3 1619
($1 = 6.8778 Chinese yuan)
(Reporting by Melanie Burton; Editing by Sherry Jacob-Phillips)