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METALS-London coppper eyes biggest weekly loss since August
March 10, 2017 / 2:13 AM / 9 months ago

METALS-London coppper eyes biggest weekly loss since August

MELBOURNE, March 10 (Reuters) - London copper steadied on Friday after six straight days of declines but was on track to log its steepest weekly loss since August after an influx of deliveries into exchange warehouses this week doused immediate supply concerns.


* Three-month copper on the London Metal Exchange edged up by 0.2 percent to $5,701 a tonne by 0052 GMT, after a drop of 1.4 percent in the previous session when prices plumbed $5,652 a tonne, the lowest since Jan. 10.

* Copper is on course for a 3.7 percent weekly decline, the largest such drop since late August.

* Shanghai Futures Exchange copper eased 0.8 percent to 46,430 yuan ($6,717.40) a tonne.

* LME copper stocks surged by 38,775 tonnes to 327,300 tonnes, latest data showed, bringing total inventories to the highest since December and raising concerns about demand in Asia.

* Also easing concerns over supply, BHP Billiton, may try to restart production at the world’s No.1 copper mine Escondida in Chile using temporary workers once a strike surpasses 30 days, the company told a local radio station on Wednesday.

* Supporting the dollar, the number of Americans filing for unemployment benefits last week rebounded from a near 44-year low, but the labor market continues to tighten amid a sharp drop in job cuts in February.

* The United States has launched a trade case accusing Chinese aluminium foil producers of dumping product and damaging its domestic industry, the first such case since the inauguration of U.S. President Donald Trump.

* China will move forward with restructuring central government enterprises this year, and focus on the steel, coal, heavy equipment and coal-fired power sectors, the head of the state asset regulator said on Thursday.

* China still has work to do in cleaning up its skies, with poor enforcement of environmental laws and inadequate monitoring in some places, the environment minister said on Thursday.

* In other metals, LME nickel was tracking towards a 7.9 percent weekly drop, the widest since May 2015, on concerns that mine supply from the Philippines may pick up just as Indonesia resumes exports.

* Philippine President Rodrigo Duterte could reappoint the environment minister who ordered more than half the country’s mines shut down, as Congress appears set to defer a decision on her confirmation.

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


* Asian stocks edged up and the dollar rose to 1-1/2-month highs versus the yen on Friday ahead of the U.S. non-farm payrolls report due later in the day.


0700 Germany Trade data Jan

0700 Germany Wholesale price index Feb

0745 France Industrial output Jan

0930 Britain Industrial output Jan

1330 U.S. Nonfarm payrolls Feb

1330 U.S. Unemployment rate Feb


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 = 6.9119 Chinese yuan renminbi Reporting by Melanie Burton; Editing by Richard Pullin

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