MELBOURNE, June 16 London copper edged up on
Friday but was still eyeing its biggest weekly drop since early
May as markets priced in a higher U.S. interest rate environment
that would support the dollar.
* London Metal Exchange copper rose by half a
percent to $5,690 a tonne by 0230 GMT, paring small losses from
the previous session. Copper is still down 2.1 percent for the
* Shanghai Futures Exchange copper was flat at
45,650 yuan ($6,702) a tonne.
* In other metals, zinc and nickel climbed
more than 1 percent, trailing steel, after China's government
said it was beating its targets for capacity closure.
* Chinese steel futures rose sharply for a third day in a
row on Friday, supported by government efforts to tackle a glut,
even as the outlook for demand in the world's top steel consumer
may not be too promising, particularly from its property sector.
* The number of Americans filing for unemployment benefits
fell more than expected last week, pointing to shrinking labour
market slack that could allow the Federal Reserve to raise
interest rates again this year despite moderate inflation
* Mining giant BHP on Friday named well
regarded Australian packaging executive Ken MacKenzie as its
next chairman, handing him the challenge of guiding the company
amid calls for change.
* CME says the New York Mercantile Exchange Inc. and
Commodity Exchange Inc. plans to expand the location for the
storage and delivery of zinc delivered against the Zinc Futures
contract to Europe and Asia.
* For the top stories in metals and other news, click
* Asian stocks were steady on Friday, appearing to take in
stride the resumption of the U.S. technology rout overnight,
while the dollar held near a two-week high after solid economic
data backed the case for tighter U.S. monetary policy.
0900 Euro zone Inflation final May
0900 Euro zone Labour costs Q1
1230 U.S. Housing starts May
1230 U.S. Building permits May
1400 U.S. Univ of Michigan sentiment index Jun
BASE METALS PRICES 0250 GMT
Three month LME copper 5685.5
Most active ShFE copper 45660
Three month LME 1880
Most active ShFE 13605
Three month LME zinc 2532
Most active ShFE zinc 21235
Three month LME lead 2106
Most active ShFE lead 17345
Three month LME nickel 8940
Most active ShFE nickel 73720
Three month LME tin 19425
Most active ShFE tin 145700
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 455.77
LME/SHFE ALUMINIUM LMESHFALc3 -1274.
LME/SHFE ZINC LMESHFZNc3 651.12
LME/SHFE LEAD LMESHFPBc3 -320.8
LME/SHFE NICKEL LMESHFNIc3 1981.9
($1 = 6.8110 Chinese yuan renminbi)
(Reporting by Melanie Burton; Editing by Richard Pullin)