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METALS-Copper finds support despite weak China outlook
April 28, 2017 / 2:14 AM / 7 months ago

METALS-Copper finds support despite weak China outlook

SYDNEY, April 28 (Reuters) - Copper tracked modestly higher on Friday with traders saying some investors were active buying on price dips, but warning at the same time that broader industry sentiment pointed to a weaker outlook.

FUNDAMENTALS

* COPPER: Three-month copper on the London Metal Exchange was up 0.4 percent to $5,714 a tonne, reversing losses from the previous session.

* SHANGHAI: The most-traded copper contract on the Shanghai Futures Exchange was up 0.2 percent to 46,330 yuan ($6,719)a tonne.

* CHINESE MANUFACTURING: The pace of expansion in China’s manufacturing sector likely slowed this month, a Reuters poll showed, as factory-gate price-growth slowed and authorities moved to tackle risks in the property market and credit growth. Data is due on Sunday, April 30.

* ANTI-MINING: Philippine Environment Secretary Regina Lopez said on Thursday she will ban open-pit mining in the country, toughening a months-long crackdown on the sector she blames for extensive environmental damage.

* BHP SHAREHOLDERS: Two weeks after Elliott Management’s surprise assault on BHP Billiton, the fund manager’s three-point demand for change is gaining little traction with investors, prompting expectations a second Elliott move is imminent.

* SILVER: London’s silver price benchmark is plagued by big, unpredictable fluctuations that risk undermining its credibility and may complicate efforts by the London Bullion Market Association to find a new operator, according to a Reuters analysis of trading data and 10 industry sources.

* MARKET NEWS: Asian stocks inched higher on Friday and looked set to close a strong week on a positive note, while the euro slipped after the European Central Bank showed no signs of paring its stimulus programme.

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

DATA/EVENTS 0600 Germany Import prices Mar 0600 Germany Retail sales Mar 0600 Britain House prices Apr 0645 France Consumer spending Mar 0830 Britain Preliminary GDP Q1 0900 Euro zone Inflation flash Apr 1230 U.S. GDP advance Q1 1230 U.S. Employment costs Q1 1345 U.S. Chicago PMI 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 = 6.8950 Chinese yuan)

Reporting by James Regan; Editing by Kenneth Maxwell

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