May 26, 2017 / 2:20 AM / 3 months ago

METALS-London copper near highest in three weeks

    MELBOURNE, May 26 (Reuters) - London Metal Exchange copper
hovered near its highest in three weeks on Friday, supported by
supply concerns after news of further disruption at Indonesia's
Grasberg, one of world's biggest copper mines.
    
    FUNDAMENTALS
    * LME COPPER: London Metal Exchange copper traded
little changed at $5,718 a tonne, easing 0.1 percent by 0143
GMT, to trim a small gain from the previous session. Prices on
Thursday tipped the highest since May 3 at $5,768.50 and have
held in a wider $5,480-$5,800 range since mid-April.
    * SHFE COPPER: Shanghai Futures Exchange edged up
by 0.1 percent to 45,970 yuan ($6,711) a tonne.
    * HOLIDAYS: The London Metal Exchange and Shanghai Futures
Exchange will be closed on Monday for a long holiday weekend 
    * LME NICKEL: LME nickel was facing a 3 percent
weekly loss, after trade data this week showed that the
Philippines is ramping up ore exports to China, fuelling
concerns of oversupply. 
    * GRASBERG: Freeport McMoRan Inc said on Thursday
that mining and milling rates at its Grasberg mine in Papua,
Indonesia have been affected by an extended strike, and a "large
number" of about 4,000 absentee workers were deemed to have
resigned.
    * OIL CUTS: Oil prices tumbled 5 percent on Thursday as the
extension of output curbs by OPEC and other producing countries
disappointed investors who had hoped for larger cuts, leading to
the biggest daily percentage slide in crude prices since early
March.
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    MARKETS NEWS    
    * Crude prices remained subdued early on Friday after an
agreement by OPEC to extend existing supply curbs disappointed
many who had hoped for larger cuts    
        
   DATA/EVENTS    
   0230  U.S. Durable goods for Apr 
   1230  U.S. GDP 2nd estimate Q1 
   1400  U.S. Univ of Michigan sentiment index final  May 
    PRICES    
    
 Three month LME copper                              5720
 Most active ShFE copper                            45980
 Three month LME aluminium                           1960
 Most active ShFE aluminium                         14090
 Three month LME zinc                                2638
 Most active ShFE zinc                              22240
 Three month LME lead                                2096
 Most active ShFE lead                              15985
 Three month LME nickel                              9075
 Most active ShFE nickel                            75350
 Three month LME tin                                    0
 Most active ShFE tin                              145370
 
($1 = 6.8500 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; Editing by Richard Pullin)
  
 
 

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