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METALS-Copper steady as attention shifts to Trump speech
February 28, 2017 / 1:38 AM / 9 months ago

METALS-Copper steady as attention shifts to Trump speech

SYDNEY, Feb 28 (Reuters) - London copper was steady on Tuesday as investors looked towards a speech by U.S. President Donald Trump for more clarity on his economic policy, while persistent concerns over supply from large mines in Chile and Indonesia continued to buoy prices.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange was steady at $5,935 a tonne at 0100 GMT, after edging up 0.1 percent in the previous session.

* The most-traded copper contract on the Shanghai Futures Exchange was up 0.21 percent at 47,970 yuan ($6,985) a tonne.

* Investors are waiting for a speech by Trump on Tuesday for signals on tax reform and infrastructure spending.

* A strike at the Escondida copper mine in Chile, the world’s largest, appeared far from ending on Monday as the conflict neared its third week, with the union denying a news report that it had returned to talks with mine owner BHP Billiton .

* Shareholders are pressuring miner Freeport-McMoRan Inc to stand up to the Indonesian government over changes the Southeast Asian country wants to make in the U.S. miner’s contract, Freeport’s chief executive officer said on Monday.

* London zinc prices have nearly doubled over the past 13 months and are closing in on nine-year highs, but signs of tightening in the global market for refined zinc means the rally may have further to run. * For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares edged up on Tuesday, bolstered by gains on Wall Street.

* The U.S. dollar was firmer against a basket of currencies on Monday.

DATA/EVENTS 0745 France Detailed GDP Q4 0745 France Producer prices Jan 1330 U.S. GDP 2nd estimate Q4 1330 U.S. Goods trade balance Jan 1400 U.S. S&P/Case-Shiller housing index Dec 1500 U.S. Consumer confidence Feb

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

$1 = 6.8675 Chinese yuan renminbi Reporting by James Regan; Editing by Joseph Radford

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