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METALS-Copper retreats after early spurt as equities recover
June 7, 2017 / 7:44 AM / in 6 months

METALS-Copper retreats after early spurt as equities recover

(Recasts to show copper down, updates prices)

By James Regan

SYDNEY, June 7 (Reuters) - London copper traded lower on Wednesday as investors turned positive on equities after an initial flight to commodities ahead of key events unfolding this week.

With British elections, a European Central Bank policy meeting where policymakers may take a less dovish stance, and former FBI director James Comey’s Senate testimony all set for Thursday, investors are wary of taking big positions in stock markets.

“Political uncertainty continues to drive commodity markets, while a weaker U.S. dollar helps improve investor appetite,” Australia & New Zealand Bank said in client note.

* LME COPPER DOWN: Three-month copper on the London Metal Exchange slipped 0.04 percent to $5,597 a tonne by 0700 GMT.

* ShFE COPPER FOLLOWS: The most-traded copper contract on the Shanghai Futures Exchange slipped 0.6 percent to 44,880 yuan ($6,607) a tonne.

* ALUMINIUM: Qatar’s isolation by top Arab nations has already hit aluminium exports from a plant part-owned by Norway’s Norsk Hydro, which warned it would take time to restart them.

* RIO TINTO: Rio Tinto and China Minmetals Corp signed an outline deal on collaboration in mineral exploration.

* DOLLAR STUCK: The dollar was near a six-week low against the safe-haven yen.

* LEAD: ShFE lead was the biggest loser in China metals futures, down more than 1 percent at the open, closing 0.66 percent down. LME lead prices were slightly firmer at $2,075 a tonne, reversing overnight loss.


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

ARBS ($1 = 6.7929 Chinese yuan)

Reporting by James Regan; Editing by Joseph Radford and Subhranshu Sahu

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