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METALS-London copper slips as China holiday crimps demand
October 6, 2016 / 1:18 AM / a year ago

METALS-London copper slips as China holiday crimps demand

MELBOURNE, Oct 6 (Reuters) - London copper slipped on Thursday in very low volumes as a stronger dollar weighed on commodities and a week-long holiday in China drained the market of direction.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange had edged down 0.2 percent to $4,788 a tonne by 0059 GMT, having closed the previous session little changed. Prices have found a floor around the $4,720-$4,750 in place since mid-September.

* Volumes across base metals were very low at around 500 lots of turnover. LME zinc and aluminium were more heavily traded than copper, both also down around 0.2 percent.

* Chinese markets are closed this week for the National Day holiday. They will reopen on Monday.

* Euro zone business growth fell last month to its weakest since the beginning of 2015, according to surveys providing the latest evidence the bloc’s economy is losing momentum.

* Evidence that the so-called natural rate of interest has fallen to low levels could mean the economy is stuck in a low-growth rut that could prove hard to escape, Federal Reserve Vice Chair Stanley Fischer said on Wednesday.

* Chile’s Collahuasi mine, one of the largest copper deposits in the world, told Reuters on Wednesday it had launched a large power tender and a source said it had a particular interest in non-conventional renewable energy.

* A U.S. federal judge on Wednesday dismissed nationwide litigation by aluminum purchasers who accused banks and commodity companies of conspiring to drive up the metal’s prices by reducing supply, forcing them to overpay.

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

MARKETS NEWS

* Asian shares firmed on Thursday, encouraged by stronger U.S. economic data and a rise in oil prices, while growing prospects of a U.S. rate hike hit gold and the boosted the dollar to one-month highs versus the yen.

DATA/EVENTS

0600 Germany Industrial orders Aug

1230 U.S. Weekly jobless claims

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

Reporting by Melanie Burton; Editing by Joseph Radford

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