(Adds detail, updates prices)
By Melanie Burton
MELBOURNE, April 20 London copper rose on
Thursday but was still not far from its lowest for the year
after China's refined production surged in March, underlining
ample stocks in the world's biggest metals consumer.
China's refined copper output rose 8.5 percent in March from
a year ago to its highest since at least December 2015.
"The emergence of opportunistic buying should see the recent
selloff in metal markets come to an end," ANZ said in a report.
* LME COPPER: Three-month copper on the London Metal
Exchange was up 1 percent at $5,609 a tonne by 0703 GMT,
after closing slightly lower in the previous session when prices
hit the weakest since early January at $5,530 a tonne.
* SHFE COPPER: Shanghai Futures Exchange copper
pared losses to close down 0.2 percent at 45,560 yuan ($6,616)a
* CHINA OUTPUT: China's refined copper output rose 8.5
percent in March from a year ago to 764,000 tonnes, its highest
since at least December 2015, while aluminium and iron ore
output levels were the lowest in months, according to the
National Statistics Bureau.
* NICKEL: Short-dated nickel contracts have surged this
week, reflecting a lack of immediately available supply. Nickel
for tomorrow next day (tom/next) delivery traded as high as $10
this week and $7.50 last, the highest since December CMNIT-O.
* ZINC: ShFE zinc rallied 3.3 percent, away from
near year-to-date lows, as steel prices cut losses. Shfe nickel
was up 1 percent and Shfe lead up 2.3 percent.
* CHINA CAPITAL: Capital outflows from China eased sharply
in the first quarter and cross border flows were more balanced,
the foreign exchange regulator said on Thursday, in the latest
official comments indicating policymakers are growing less
worried about the yuan currency.
* JAPAN ECONOMY: Confidence among Japanese manufacturers has
risen for an eighth straight month to a level not seen since
before the 2008 global financial crisis, a Reuters survey found,
reflecting output and export gains led by overseas economic
* INVESTORS: Total global commodity assets under management
(AUM) fell to $277 billion in March from $282 billion the month
before, Barclays said in a note.
* RIO TINTO: Rio Tinto cut its copper
guidance to 500,000-550,000 tonnes from as much as 665,000
tonnes as a result of a strike at the Escondida mine in Chile
and the curtailment of production at the Grasberg mine in
MARKETS: Asian stocks erased early losses and edged higher
on Thursday as steadying commodity prices, especially crude oil,
prompted some bargain hunting by investors.
BASE METALS PRICES 0705 GMT
Three month LME copper 5613
Most active ShFE copper 45550
Three month LME aluminium 1930
Most active ShFE aluminium 14335
Three month LME zinc 2607
Most active ShFE zinc 21655
Three month LME lead 2172
Most active ShFE lead 16150
Three month LME nickel 9495
Most active ShFE nickel 79680
Three month LME tin 19840
Most active ShFE tin 140820
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 372.1
LME/SHFE ALUMINIUM LMESHFALc3 -1124.6
LME/SHFE ZINC LMESHFZNc3 287.13
LME/SHFE LEAD LMESHFPBc3 -1856.6
LME/SHFE NICKEL LMESHFNIc3 771.91
($1 = 6.8860 Chinese yuan)
(Reporting by Melanie Burton; Editing by Amrutha Gayathri and