(Adds comment, detail, updates prices)
By Melanie Burton
MELBOURNE, April 26 London copper held near its
highest in a week on Wednesday as the U.S. dollar lost ground
against the euro in the wake of the French election, making
commodities more affordable for buyers paying with other
Metal prices in general, however, are facing their weakest
month since May 2016 as investors scale back bullish bets,
Standard Chartered said in a report.
"We expect stagnant price trends to continue in Q2 as weaker
physical market, monetary tightening onshore and Trump failings
all weigh," it said.
LME COPPER: London Metal Exchange copper edged up by
0.3 percent to $5,725.50 a tonne by 0523 GMT, adding to a 0.9
percent gain from the previous session. LME copper prices on
Tuesday hit a one week top at $5,722 a tonne, recovering from
near three-month lows hit on April 19.
* SHFE COPPER: Shanghai Futures Exchange copper
climbed 1.1 percent to 46,360 yuan ($6,733) a tonne.
* The euro edged up after hitting a 5-1/2 month high on
Tuesday as traders digested centrist candidate Emmanuel Macron's
victory in the first round of France's presidential election on
* U.S. ECONOMY: U.S. consumer confidence fell from a more
than 16-year high in April, but a surge in new home sales to an
eight-month high last month suggested underlying strength in the
economy despite an apparent sharp slowdown in growth in the
* BHP RESULTS: BHP Billiton, cut its
full-year production guidance for coking coal and copper on
Wednesday due to bad weather at mines in Australia and
industrial action in Chile. Copper guidance was cut by 17
percent to a range of 1.33 million to 1.36 million tonnes.
* BAUXITE: Riots have paralysed a major bauxite mining hub
in Guinea, Africa's top producer, as residents erected
barricades and burned tyres to protest against high pollution
levels and power cuts.
* LME: The LME launched on Monday a discussion paper which
includes standardising contracts to boost their appeal to
financial market participants without undermining its core
physical market business.
* LME: The LME wants to attract funds and reverse falling
volumes by boosting liquidity on monthly settled contracts using
prices from trading on other dates, Matt Chamberlain, the LME's
new chief executive, told Reuters.
* Asian stocks extended gains for a fifth straight day on
Wednesday as Wall Street hit new peaks while the euro
consolidated recent gains as immediate concerns of political
uncertainty in the euro zone receded.
BASE METALS PRICES 0525 GMT
Three month LME copper 5725.5
Most active ShFE copper 46340
Three month LME aluminium 1963.5
Most active ShFE aluminium 14420
Three month LME zinc 2620.5
Most active ShFE zinc 21690
Three month LME lead 2179
Most active ShFE lead 16145
Three month LME nickel 9325
Most active ShFE nickel 78170
Three month LME tin 19610
Most active ShFE tin 137630
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 348.75
LME/SHFE ALUMINIUM LMESHFALc3 -1314.8
LME/SHFE ZINC LMESHFZNc3 172.06
LME/SHFE LEAD LMESHFPBc3 -1895.99
LME/SHFE NICKEL LMESHFNIc3 1501.86
($1 = 6.8824 Chinese yuan)
(Reporting by Melanie Burton; Editing by Richard Pullin and