MELBOURNE, June 16 London copper edged up on
Friday but was still eyeing its biggest weekly drop since early
May as markets priced in a higher U.S. interest rate environment
that would support the dollar.
* LME COPPER: London Metal Exchange copper rose by
half a percent to $5,668 a tonne, by 0700 GMT, shedding losses
from the previous session. Copper is still down around 2 percent
for the week.
* ShFE COPPER: Shanghai Futures Exchange copper
closed slightly weaker at 45,490 yuan ($6,677.53) a tonne.
* NICKEL: In other metals, nickel edged up,
trailing steel, after China's government said it was beating its
targets for capacity closure.
* STEEL: Chinese steel futures rose sharply for a third
straight session, supported by government efforts to tackle a
glut, even as the outlook for demand in the world's top steel
consumer may not be too promising, particularly from its
* U.S. JOBLESS: The number of Americans filing for
unemployment benefits fell more than expected last week,
pointing to shrinking labour market slack that could allow the
Federal Reserve to raise interest rates again this year despite
moderate inflation growth.
* NEW CHAIRMAN: Mining giant BHP on Friday
named well-regarded Australian packaging executive Ken MacKenzie
as its next chairman, handing him the challenge of guiding the
company amid calls for change.
* EXCHANGE EXPANSION: CME says the New York Mercantile
Exchange Inc. and Commodity Exchange Inc. plans to expand the
location for the storage and delivery of zinc delivered against
the Zinc Futures contract to Europe and Asia.
* For the top stories in metals and other news, click
BASE METALS PRICES 0742 GMT
Three month LME copper 5659.5
Most active ShFE copper 45660
Three month LME 1872.5
Most active ShFE 13600
Three month LME zinc 2531
Most active ShFE zinc 21150
Three month LME lead 2109
Most active ShFE lead 17295
Three month LME nickel 8920
Most active ShFE nickel 73620
Three month LME tin 19425
Most active ShFE tin 145600
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 455.77
LME/SHFE ALUMINIUM LMESHFALc3 -1274.
LME/SHFE ZINC LMESHFZNc3 651.12
LME/SHFE LEAD LMESHFPBc3 -320.8
LME/SHFE NICKEL LMESHFNIc3 1981.9
($1 = 6.8124 Chinese yuan)
(Reporting by Melanie Burton and James Regan; Editing by
Richard Pullin and Sherry Jacob-Phillips)