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METALS-London copper slips to 1-wk low after US rate rise
June 15, 2017 / 8:03 AM / 6 months ago

METALS-London copper slips to 1-wk low after US rate rise

 (Adds detail, updates prices)
    By Melanie Burton
    MELBOURNE, June 15 (Reuters) - London copper dipped to its
lowest in a week on Thursday after the U.S. Federal Reserve
raised rates for the second time this year, boosting financing
costs for industry.
    Amid a mixed economic outlook in the United States and
slowing industrial activity in China exacerbated by the end of
financial quarter, metals could come under further selling
pressure, broker Kingdom Futures said in a report.
    "Today sees U.S. jobless claims and ... any further signs of
slowing down will put further pressure on the metals prices," it
    * LME COPPER: London Metal Exchange copper fell to
$5,642 a tonne, finding a floor at the 30-day moving average
which was also its weakest since June 8. Prices had pared losses
to $5,663 a tonne by 0741 GMT, still down 0.6 percent. Prices
are ping-ponging between the 30-day moving average and the
100-day moving average which is at $5,782.
    * SHFE COPPER: Shanghai Futures Exchange copper
fell 0.4 percent to 45,600 yuan ($6,711).
    * ALUMINIUM: ShFE aluminium fell 1.2 percent after
China's production surged to the second highest on record.

    * STEEL MATERIALS: Steel materials zinc and nickel
 were both up around 1 percent after capacity cuts in
China drove up steel prices by 3 percent.
    * US ECONOMY: The Federal Reserve raised interest rates on
Wednesday for the second time in three months and said it would
begin cutting its holdings of bonds and other securities this
year, signaling its confidence in a growing U.S. economy and
strengthening job market.
    * CHINA ECONOMY: China's central bank left interest rates
for open market operations unchanged on Thursday, shrugging off
an overnight increase in the U.S. Federal Reserve's key policy
    * EURO ZONE ECONOMY: Euro zone industrial output grew in
April and employment rose in the first quarter of the year to
reach a record high, data released on Wednesday showed, in fresh
signs of healthy growth of the bloc's economy.
    * RUSAL: Russian aluminium giant Rusal said it
plans to boost its production by 19 percent from 2016 levels to
4.4 million tonnes by 2021, amid rising global demand.

    * ZINC: The global zinc market deepened its deficit to
92,400 tonnes in April from a revised deficit of 72,700 tonnes
in March, data from the International Lead and Zinc Study Group
(ILZSG) showed on Wednesday.
    * For the top stories in metals and other news, click       
    * U.S. stock futures and Asian shares slid on Thursday, hit
by soft U.S. economic data, a relatively hawkish Fed and a media
report that U.S. President Donald Trump is being investigated by
a special counsel for possible obstruction of justice.    
    COMING UP:  U.S. Industrial production May at 1315 GMT 
                                   0740 GMT          
 Three month LME copper                        5661.5
 Most active ShFE copper                        45600
 Three month LME aluminium                       1877
 Most active ShFE aluminium                     13560
 Three month LME zinc                            2512
 Most active ShFE zinc                          21130
 Three month LME lead                            2085
 Most active ShFE lead                          17110
 Three month LME nickel                          8910
 Most active ShFE nickel                        73300
 Three month LME tin                            19150
 Most active ShFE tin                          144790
 LME/SHFE COPPER               LMESHFCUc3       678.9
 LME/SHFE ALUMINIUM            LMESHFALc3       678.9
 LME/SHFE ZINC                 LMESHFZNc3      702.97
 LME/SHFE LEAD                 LMESHFPBc3      -446.3
 LME/SHFE NICKEL               LMESHFNIc3     1370.43

($1 = 6.7935 Chinese yuan renminbi)

($1 = 6.7947 Chinese yuan renminbi)

 (Reporting by Melanie Burton; Editing by Richard Pullin and
Joseph Radford)

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