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METALS-London copper up, zinc nickel rally as China returns
April 5, 2017 / 2:13 AM / 8 months ago

METALS-London copper up, zinc nickel rally as China returns

    MELBOURNE, April 5 (Reuters) - London copper rallied on
Wednesday as China returned from a two-day break to buy up
metals following brighter global manufacturing reports, while
zinc and nickel tracked a rally in steel.  
    
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange climbed 0.9 percent to $5,832 a tonne by 0158
GMT, after ending the previous session with modest gains. Prices
punched through resistance at the 100-day moving average at
$5,790, which traders said improved its technical picture. 
    * SHFE COPPER: Shanghai Futures Exchange copper cut
early losses to trade at 47,220 yuan ($6,856) a tonne, down 1.3
percent.
    * NICKEL, ZINC: In other metals, LME nickel and zinc
 both rallied 1.8 percent, dragged up by gains in the
steel sector after a cyclone in Australia damaged transport
routes for coking coal, fuelling a jump in prices.
    * US ECONOMY: The U.S. trade deficit fell from a near two
year high in February as slowing domestic demand weighed on
imports and stronger global growth boosted exports of American
goods.
    * CHINA-US MEET: Although worried about the prospect of a
trade war, American businesses operating in China nonetheless
want President Donald Trump to wring some concessions on market
access from China's leader Xi Jingping when the two meet this
week.
    * CESCO: Southern Copper, should share
more of its profits with workers in Peru to avoid an indefinite
strike at its Toquepala and Cuajone mines starting on April 10,
a union leader said on Tuesday.
    * CESCO: After a tumultuous period of falling copper prices
and heavy cuts to its investment plans, Chile's Codelco has
stabilized and its levels of debt and spending will likely stay
steady in coming years, its chairman told Reuters on Tuesday.
    * GLOBAL MANUFACTURING: Factories across Europe and much of
Asia posted another month of solid growth in March, rounding off
a strong quarter for manufacturers, even though exporters fear a
rise in U.S. protectionism could snuff out a global trade
recovery.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks are set for a cautious start on Wednesday as
investors move to the sidelines before a potentially tense
meeting between Donald Trump and Chinese President Xi Jinping
later this week.    
        
    DATA AHEAD (GMT) 
    0750  France Markit services PMI Mar 
    0755  Germany Markit services PMI Mar 
    0800  Euro zone Markit services PMI final Mar 
    1215  U.S. ADP national employment Mar 
    1400  U.S. ISM non-manufacturing PMI Mar 
    1800  Minutes of Federal Reserve meeting on March 14-15     
    PRICES    
    
 BASE METALS PRICES                 0143 GMT               
 Three month LME copper                              5823.5
 Most active ShFE copper                              47230
 Three month LME aluminium                             1955
 Most active ShFE aluminium                              51
 Three month LME zinc                                2779.5
 Most active ShFE zinc                                23025
 Three month LME lead                                  2328
 Most active ShFE lead                                    4
 Three month LME nickel                               10120
 Most active ShFE nickel                                  3
 Three month LME tin                                  19980
 Most active ShFE tin                                     3
                                                           
 BASE METALS ARBITRAGE                                     
 LME/SHFE COPPER                  LMESHFCUc3         632.28
 LME/SHFE ALUMINIUM               LMESHFALc3       -1554.33
                                              
 LME/SHFE ZINC                    LMESHFZNc3         307.18
 LME/SHFE LEAD                    LMESHFPBc3       -1751.03
 LME/SHFE NICKEL                  LMESHFNIc3           1571
                                              
 

($1 = 6.8870 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; Editing by Richard Pullin)
  
 
 

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