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METALS-London copper bounces from near five-week low, China data eyed
March 8, 2017 / 2:19 AM / 9 months ago

METALS-London copper bounces from near five-week low, China data eyed

    MELBOURNE, March 8 (Reuters) - London copper climbed on
Wednesday as traders took profit on short positions ahead of
China trade data, after large inventory flows into exchange
warehouses sent prices to a five-week low.
    
    FUNDAMENTALS
    * Three-month copper on the London Metal Exchange        
was up 0.4 percent at $5798.50 a tonne by 0142 GMT, paring 1.5
percent losses from the previous session. Prices on Tuesday fell
to $5,759 a tonne, the weakest since Feb 3.
    * Shanghai Futures Exchange copper          fell 0.9 percent
to 47200 yuan ($6,838) a tonne. Earlier in the session, prices
hit their lowest in a month at 46,910 yuan a tonne. 
    * Japan's gross domestic product growth was revised up in
the fourth quarter as capital expenditure grew at the fastest
pace in almost three years, welcome news for policymakers as
they begin to discuss how to wind down years of massive
stimulus.             
    * Bankers and stock markets are signaling an upcoming wave
of mergers and acquisitions among small and mid-sized miners,
but financiers worry that companies have not learned from costly
mistakes made in the last commodity boom. nL2N1GK1C7
    * Philippine President Rodrigo Duterte said on Tuesday he
hopes there will be a "happy compromise" between the mining
industry and protecting the environment, throwing support once
more to an embattled minister who shut half of the country's
mines.             
    * For the top stories in metals and other news, click       
          or             
        
    MARKETS NEWS    
    * Asian shares edged lower on Wednesday after the week's
strong start as investors took profits in the wake of a weak
Wall Street and in anticipation that U.S. interest rates will
rise next week for the second time in three months.             
  
            
    DATA AHEAD (GMT)
    0200 China Trade data Feb
    0745 France Trade data Jan
    0800 Germany Industrial output Jan
    1315 U.S. ADP national employment Feb
    1500 U.S. Wholesale sales Jan
    
    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 = 6.9025 Chinese yuan)

 (Reporting by Melanie Burton; Editing by Sherry Jacob-Phillips)
  
 
 

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