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METALS-Copper stalls as equities rise and China outlook dims
May 12, 2017 / 2:03 AM / 7 months ago

METALS-Copper stalls as equities rise and China outlook dims

SYDNEY, May 12 (Reuters) - Copper was flat in Asia on Friday as equities headed for a strong end to the week and the short-covering that pulled the contract higher overnight failed to re-emerge.

“We’re not seeing any shortcovering this morning,” a commodities trader in Perth said on condition of anonymity as he was not authorised to speak with media. “If that was the case (in London), it hasn’t turned up here.”

Weakened outlooks for copper demand in China, which consumes nearly half the world’s requirements, amid soft data on imports and demand growth, weighed on sentiment, the trader said.

The negative sentiment was somewhat countered by expectations that People’s Bank of China will release funding to ease credit on Friday, which could spur industrial and construction activity.


* Three-month copper on the London Metal Exchange was steady at $5,544 a tonne at 0146 after settling a modest 0.8 percent up overnight.

* The most-traded copper contract on the Shanghai Futures Exchange started a touch lower then inched up 0.1 percent to 44,980 yuan ($6,518.56) a tonne.

* CHINA PMI: Surveys of manufacturers showed activity slowed in April, while trade data showed import growth slowing and export growth halving.

* Noble Group Ltd reported a quarterly loss that pummelled its shares by a record 33 percent, stoking worries the Singapore-listed commodity trader was failing to recover from a crisis-wracked two years despite a deep restructuring.

* The head of Hong Kong Exchanges and Clearing (HKEx) said the bourse’s upcoming commodity platform in mainland China would support futures trading at other Chinese exchanges.

* It may be going from bad to worse for the nickel price, with conciliatory comments from the new mining minister in top ore producer the Philippines adding to the risks of the market being pushed into oversupply.

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


* Asian shares inched up Friday, hobbled by a downbeat day on Wall Street but still on track for weekly rises, while oil prices extended gains on hopes for output cuts.

DATA AHEAD (GMT) 0600 Germany GDP flash Q1 0900 Euro zone Industrial production Mar 1230 U.S. Consumer prices Apr 1230 U.S. Retail sales Apr 1400 U.S. Business inventories Mar 1400 U.S. Univ of Michigan sentiment index May


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 = 6.9023 Chinese yuan renminbi) (Reporting by James Regan; Editing by Sonali Paul)

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