June 16, 2017 / 3:09 AM / 5 months ago

METALS-London copper eyes biggest drop in six weeks on dlr

    MELBOURNE, June 16 (Reuters) - London copper edged up on
Friday but was still eyeing its biggest weekly drop since early
May as markets priced in a higher U.S. interest rate environment
that would support the dollar. 
    * London Metal Exchange copper rose by half a
percent to $5,690 a tonne by 0230 GMT, paring small losses from
the previous session. Copper is still down 2.1 percent for the
    * Shanghai Futures Exchange copper was flat at
45,650 yuan ($6,702) a tonne.
    * In other metals, zinc and nickel climbed
more than 1 percent, trailing steel, after China's government
said it was beating its targets for capacity closure.
    * Chinese steel futures rose sharply for a third day in a
row on Friday, supported by government efforts to tackle a glut,
even as the outlook for demand in the world's top steel consumer
may not be too promising, particularly from its property sector.

    * The number of Americans filing for unemployment benefits
fell more than expected last week, pointing to shrinking labour
market slack that could allow the Federal Reserve to raise
interest rates again this year despite moderate inflation
    * Mining giant BHP on Friday named well
regarded Australian packaging executive Ken MacKenzie as its
next chairman, handing him the challenge of guiding the company
amid calls for change.
    * CME says the New York Mercantile Exchange Inc. and
Commodity Exchange Inc. plans to expand the location for the
storage and delivery of zinc delivered against the Zinc Futures
contract to Europe and Asia.
    * For the top stories in metals and other news, click       
    * Asian stocks were steady on Friday, appearing to take in
stride the resumption of the U.S. technology rout overnight,
while the dollar held near a two-week high after solid economic
data backed the case for tighter U.S. monetary policy. 
    0900  Euro zone  Inflation final May 
    0900  Euro zone Labour costs Q1 
    1230  U.S. Housing starts May 
    1230  U.S. Building permits May 
    1400  U.S. Univ of Michigan sentiment index        Jun 
 BASE METALS PRICES                0250 GMT        
 Three month LME copper                      5685.5
 Most active ShFE copper                      45660
 Three month LME                               1880
 Most active ShFE                             13605
 Three month LME zinc                          2532
 Most active ShFE zinc                        21235
 Three month LME lead                          2106
 Most active ShFE lead                        17345
 Three month LME nickel                        8940
 Most active ShFE nickel                      73720
 Three month LME tin                          19425
 Most active ShFE tin                        145700
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER           LMESHFCUc3        455.77
 LME/SHFE ALUMINIUM        LMESHFALc3        -1274.
 LME/SHFE ZINC             LMESHFZNc3        651.12
 LME/SHFE LEAD             LMESHFPBc3        -320.8
 LME/SHFE NICKEL           LMESHFNIc3        1981.9
($1 = 6.8110 Chinese yuan renminbi)

 (Reporting by Melanie Burton; Editing by Richard Pullin)

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