May 3, 2017 / 2:29 AM / 5 months ago

METALS-London copper drifts as technical push fades

    MELBOURNE, May 3 (Reuters) - London copper dropped on
Wednesday from a three-week high hit the session before as
prices consolidated after failing to break technical resistance
and given a lack of other drivers, traders said.
    
    FUNDAMENTALS
    * LME COPPER: London Metal Exchange copper slipped
by 0.7 percent to $5,763 a tonne by 0150 GMT, paring 1.2 percent
gains from the previous session when prices topped out at $5,820
a tonne, the highest in three weeks, and closed at the 100-day
moving average. 
    * TECHNICALS: Traders said that prices were consolidating
having failed to convincingly push upside beyond resistance at
the $5,820-40 level.
    * SHFE COPPER: Shanghai Futures Exchange copper
slipped by half a percent to 46670 yuan  ($6,769) a tonne.
    * OTHER METALS: LME zinc and lead also
slipped more than half a percent.
    * ZINC PREMIUMS: But premiums for zinc held in China bonded
zones started to rise last week to $120-130 from $105-115, the
strongest since February. ZN-BMPBW-SHMET 
    * HOLIDAYS: Japan was on its Golden Week holiday, draining
liquidity from the market. 
    * CHINA FOREX: Moves to control capital outflows and
concerns over a potential further depreciation of the yuan are
likely to impede the internationalisation of Chinese currency,
Fitch credit rating agency said.
    * EU ECONOMY: The ultra-loose monetary policy environment in
some regions is raising the risk of a new global financial
crisis, German Finance Minister Wolfgang Schaeuble said on
Tuesday, urging a timely exit strategy.
    * METALS POLL: Aluminium's global surplus will fall sharply
this year due to an environmental crackdown in top producer
China and move to a deficit in 2018, although the market has
largely priced in the impact, a Reuters poll showed.

    * NICKEL: Indonesia's state-controlled miner PT Aneka
Tambang (Antam) will resume exports of nickel ore this
month, with an initial shipment of 150,000 tonnes expected to
leave for China in early May, a company executive said on
Tuesday.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * A measure of stocks across major markets globally inched
up to a record high on Tuesday, lifted by gains in Europe amid
corporate and economic strength, while crude futures tumbled as
prices breached key technical levels.    
        
    DATA/EVENTS    
    0800  Germany  Unemployment rate Apr 
    0900  Euro zone GDP flash Q1 
    0900  Euro zone Producer prices Mar 
    1215  U.S. ADP national employment Apr 
    1400  U.S. ISM non-manufacturing PMI Apr 
    1800 Federal Reserve statement after two-day policy meeting 
   
    
 BASE METALS PRICES             0111 GMT           
 Three month LME copper                      5759.5
 Most active ShFE copper                      46610
 Three month LME aluminium                     1926
 Most active ShFE aluminium                   13920
 Three month LME zinc                          2635
 Most active ShFE zinc                        22025
 Three month LME lead                          2230
 Most active ShFE lead                        16315
 Three month LME nickel                        9505
 Most active ShFE nickel                      79700
 Three month LME tin                          19970
 Most active ShFE tin                        143330
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     232.58
 LME/SHFE ALUMINIUM           LMESHFALc3   -1455.18
                                          
 LME/SHFE ZINC                LMESHFZNc3     185.83
 LME/SHFE LEAD                LMESHFPBc3   -2124.27
 LME/SHFE NICKEL              LMESHFNIc3    2051.18
                                          
 


($1 = 6.8945 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; Editing by Kenneth Maxwell)
  
 
 

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