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METALS-Weaker dollar, drop in LME stocks lift copper prices
July 12, 2017 / 2:05 AM / 5 months ago

METALS-Weaker dollar, drop in LME stocks lift copper prices

SYDNEY, July 12 (Reuters) - Copper prices climbed in early trading in Asia on Wednesday amid a weaker U.S. dollar and signs that global supply was levelling off after rising sharply in June.

Prices had slipped nearly 3 percent since late June as stocks in London Metal Exchange-registered warehouses climbed by a third, signalling plentiful supply. But stocks fell 225 tonnes on Tuesday to 319,750 tonnes. MCUSTX-TOTAL

Meanwhile, the greenback was under pressure, with the dollar index, which measures the U.S. currency against a basket of six major rivals, slightly lower at 95.660.

A weaker dollar typically draws interest for U.S. dollar-denominated commodities such as copper from investors outside the United States using other currencies.


* LME COPPER: Three-month copper on the LME was up 0.4 percent at $5,900 a tonne by 0147 GMT, building on overnight gains in the more active London sessions.

* SHFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange was 1.09 percent higher at 47,350 yuan ($6,962.21) a tonne.

* FREEPORT: Indonesia says it will invite the head of mining giant Freeport McMoRan Inc to Jakarta this month to try to settle a long-running dispute over a new deal to operate the world’s second-largest copper mine.

* CHINA CAR SALES: Vehicle sales rebounded in June, shaking off weakness in the previous two months.

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* Asian shares steadied on Wednesday after Wall Street managed to weather a fresh twist in the political controversy surrounding U.S. President Donald Trump’s administration, while investors looked ahead to Federal Reserve Chair Janet Yellen’s comments later in the day.

DATA AHEAD (GMT) China Foreign direct investment June China M2 money supply   June China New yuan loans June 0830 U.K. Jobless rate (ILO) May 0900 Euro zone Industry output May 1100 U.S. Home mortgage applications weekly


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 = 6.8010 Chinese yuan renminbi)

Reporting by James Regan; Editing by Joseph Radford

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