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METALS-Copper eases as French euphoria fades
April 25, 2017 / 2:10 AM / 7 months ago

METALS-Copper eases as French euphoria fades

SYDNEY, April 25 (Reuters) - Copper eased in Asia on Tuesday, coming under pressure from investors looking to book gains after a surprise overnight lift in the London contract following a market-friedly French presidential vote.

“Copper gained some steam on the back of the French election, but that hasn’t held up in Asia,” said a Perth-based commodities trader.

Copper rose on Monday as centrist candidate Emmanuel Macron’s strong performance in the first round of the French presidential election boosted appetite for cyclical assets, sending stock markets sharply higher.

FUNDAMENTALS

* COPPER: Three-month copper on the London Metal Exchange edged down 0.1 percent to $5,650.5 a tonne by 0158 GMT.

* SHANGHAI: The most-traded copper contract on the Shanghai Futures Exchange slipped 0.04 percent to 45,740 yuan ($6,644.)a tonne.

* ANGLO AMERICAN: Mining company Anglo American reported a 9 percent rise in overall production for the first quarter of 2017 compared with 2016, but copper output fell 3 percent because of poorer grades and a temporary suspension at the El Soldado mine in Chile.

* PERU STRIKE: Workers at mining company Southern Copper Corp in Peru have reached a deal with management to end a two-week strike, a union official and a company spokesman told Reuters on Monday.

* OTHER ShFE METALS: Tin was steady at 137,700 yuan, while lead was little changed at 15,905 yuan. ShFE zinc slipped 0.6 percent to 21,395 yuan. ShFE aluminium dropped 0.2 percent to 14,290 yuan a tonne.

* LME DELAY: The launch of the London Metal Exchange’s new precious metals contracts will be delayed until July 10, more than a month later than previously announced, it said on Monday.

* MARKETS: Asian equities were steady on Tuesday and the euro retained gains as markets’ euphoria over a centrist victory in the first round of the French presidential election subsided, though near-term investor sentiment remains positive

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DATA/EVENTS 0645 France Business climate Apr 1300 U.S. Monthly home price index Feb 1300 U.S. S&P/Case-Shiller housing index Feb 1400 U.S. Consumer confidence Apr 1400 U.S. New home sales Mar 1400 U.S. Richmond Fed composite index Apr

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

ARBS ($1 = 6.8840 Chinese yuan renminbi)

Reporting by James Regan; Editing by Richard Pullin

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