January 18, 2018 / 8:02 AM / 4 months ago

METALS-China metals mixed; upbeat data propels LME copper

(Adds details, updates prices)

By James Regan

SYDNEY, Jan 18 (Reuters) - Shanghai base metals futures turned mixed in late Asian hours on Thursday with better-than-expected China economic data coming in just before the market close, which pushed up LME copper.

The fourth-quarter data underpinned a rally in London Metal Exchange copper, though failed to push the Shanghai contract into positive territory.

* SHFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange closed down 0.24 percent at 53,670 yuan ($8,340.46) a tonne.

* LME COPPER: Three-month copper on the LME gained 0.36 percent to $7,060 a tonne, reversing losses from the previous session.

* CHINA GROWTH: China Q4 GDP 6.8 percent year-on-year compared with a forecast of 6.7 percent. Analysts polled by Reuters expected the world’s second-largest economy to have grown 6.7 percent in the October-December quarter from a year ago.

* FORCE MAJEURE: Turquoise Hill Resources said Oyu Tolgoi, a copper and gold mine in the southern Gobi Desert, has declared force majeure in connection with customer contracts for concentrate due to a protest by Chinese coal transporters in the Ganqimaodu Border Zone.

* BHP: BHP’s copper output jumped 20 percent to 429,000 tonnes in the quarter to end-December helped by a rise in production from its Escondida copper mine in Chile. * SHFE ALUMINIUM: ShFE aluminium finished down 0.10 percent at 14,620 a tonne. LME aluminium was showing a modest loss at $2,191 a tonne.

* ALCOA: Aluminium producer Alcoa Corp reported a bigger quarterly loss on Wednesday, hurt by the closure and divestiture of some smelting assets.

* COPPER BOOST: Chile’s state copper commission, Cochilco, on Wednesday raised its estimated 2018 average price for the metal to $3.06 per pound from its previous forecast of $2.95 per pound, pointing to the potential for global supply disruptions in the coming year.

* LEAD SURPLUS: The global lead market showed a surplus of 15,600 tonnes in November after a deficit of 11,100 tonnes in October, data from the Lisbon-based International Lead and Zinc Study Group (ILZSG) showed on Wednesday.

: LEAD PRICES: Despite the shift to a surplus, ShFE lead closed 1.20 percent firmer at 19,330 yuan a tonne, while LME lead was 0.3 percent stronger at $2,556.

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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 = 6.4349 Chinese yuan)

Reporting by James Regan, Editing by Richard Pullin and Sherry Jacob-Phillips

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