April 24, 2017 / 1:44 AM / 3 months ago

METALS-ShFE copper drags metals complex lower

4 Min Read

SYDNEY, April 24 (Reuters) - Shanghai copper futures opened higher on Monday but quickly went into negative territory as investors cut bets that Chinese demand was getting stronger and that global tensions were easing.

Copper's shift into the red pulled the rest of the ShFE metals complex lower.

"Commodities struck a note of caution as investors continued to grapple with geopolitical risks amid mixed fundamentals," ANZ Bank said in a note.

* North Korea said on Sunday it was ready to sink a U.S. aircraft carrier to demonstrate its military might, in the latest sign of rising tension as U.S. President Donald Trump prepared to call the leaders of China and Japan.

Fundamentals

* Three-month copper on the London Metal Exchange managed a 0.07 percent rise to $5,662 a tonne after ending last week lower.

* The most-traded copper contract on the Shanghai Futures Exchange dropped 0.24 percent to 45,880 yuan ($6,664)a tonne.

* The global refined copper market had a 51,000 tonne surplus in January, up from a 44,000 tonne surplus in January last year, the International Copper Study Group (ICSG) said.

ShFE zinc, which led ShFE metals contract's higher on Friday, recoiled more than 1 percent to 21,530 yuan.

* Matt Chamberlain was named London Metal Exchange (LME) chief executive on Friday, with a mandate from its owner the Hong Kong bourse to reform the world's largest and oldest metals market.

* COLUMN: Is aluminium the new steel for China's policy-makers? The country's steel producers are already being subjected to a host of measures intended to weed out excess capacity.

ShFE aluminium dropped 0.17 percent to 14,355 yuan ($2,085) atone.

LME aluminium was up 0.06 percent to $1,944 a tonne.

* Copper miner Freeport-McMoRan Inc warned on Friday it would punish workers for absenteeism at its Indonesian unit, a day after one of its main unions announced plans to go on a one-month strike over employment conditions.

* The World Bank Group and the China-led Asian Infrastructure Investment Bank said on Sunday they agreed to deepen their cooperation with a framework for knowledge sharing, staff exchanges, analytical work, development financing and country-level coordination.

* For the top stories in metals and other news, click or

Markets News

* The euro vaulted to five-month peaks in choppy Asian trading on Monday after the market's favoured candidate won through the first round of the French election, reducing the risk of a Brexit-like shock and sparking a mass unwinding of safe-haven trades.

* The euro scaled five-month highs against the dollar in early Asian trading on Monday after the centrist candidate swept to victory in the first round of the French presidential election, reducing the risk of an anti-establishment shock in the final round.

DATA/EVENTS 0800 Germany Ifo business climate Apr 1230 U.S. National activity index Mar 1430 U.S. Dallas Fed manufacturing index Apr

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

ARBS ($1 = 6.8845 Chinese yuan renminbi)

Reporting by James Regan

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