February 24, 2017 / 1:34 AM / 5 months ago

METALS-London copper finds modest support after overnight rout

3 Min Read

SYDNEY, Feb 24 (Reuters) - London copper prices found modest support on Friday after a big fall overnight amid fresh doubts over Chinese demand and some upward movement in the U.S. dollar.

But traders said worries persisted about consumption levels in China after the country's housing minister on Thursday suggested moves were afoot to stabilise the property market.

Fundamentals

* Three-month copper on the London Metal Exchange was up $7, or 0.1 percent, at $5,866 a tonne by 0105 GMT after falling 3 percent in the previous session.

* The most-traded copper contract on the Shanghai Futures Exchange was down 2.4 percent to 47,410 yuan ($6,909) a tonne. The contract dipped by as much as 2.9 percent at the open.

* The London Metal Exchange has reached a 50:50 revenue-sharing deal with a company founded by a group of banks to promote trade in its new gold futures contracts, sources said, aiming to overcome market scepticism surrounding their launch in June.

* The Philippines' environment minister on Thursday said President Rodrigo Duterte had backed her decision to ban mining in watershed areas at a meeting earlier this week, winning his support once more for her crackdown on the sector.

* Kaz Minerals, a copper company focused on large scale, low-cost open pit mining in Kazakhstan, said on Thursday its earnings had surged as it brought new output online against a wider backdrop of tightening supply that has boosted prices.

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Markets News

* Asian shares took a breather on Friday, hovering just below 1-1/2-year highs as investors braced for a potentially wobbly session after U.S. President Donald Trump called China "grand champions" of currency manipulation.

* The dollar clawed back some ground on Friday after skidding to a two-week low against the yen, but was still on track for weekly losses after the Federal Reserve meeting minutes disappointed dollar bulls.

DATA/EVENTS 0745 France Consumer confidence Feb 1500 U.S. New home sales Jan

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 ($1 = 6.8622 Chinese yuan renminbi) (Reporting by James Regan; Editing by Richard Pullin)

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