August 25, 2017 / 7:48 AM / a year ago

METALS-Copper hits 3-year top as China outlook brightens, stocks fall

(Updates prices, milestones)

SYDNEY, Aug 25 (Reuters) - London copper futures climbed to their strongest level in nearly three years on Friday, tracking a firmer overnight session on the back of robust demand signs in China and falling stockpiles.

Investors are focused on fundamentals in commodities markets, pushing industrial commodities, such as copper, higher, according to ANZ bank.


* LME COPPER: Three-month copper on the London Metal Exchange was up 0.5 percent at $6,719 a tonne by 0720 GMT, after rising as far as $6,747, the highest since November 2014.

* SHFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange rose 2 percent to close at 52,770 yuan ($7,917.84) a tonne, after peaking at 52,840 yuan intraday, its loftiest since March 2013.

* SHFE ALUMINIUM: Shanghai aluminium futures rose 0.4 percent to 16,620 yuan per tonne. The contract hit 16,755 yuan on Thursday, the highest in more than five years.

* LME ALUMINIUM: Aluminium - up 25 percent since January - was flat at $2,105. Aluminium is finding fundamental support on expectations of a decline in supply as China braces for capacity shutdowns at its smelters over the winter months. The “tom-next” spread for aluminium, which is the cost of borrowing metal for a day and often a flashpoint for positioning tension, has flared to $10 backwardation.

* RUSAL: Russian aluminium giant Rusal reported a 48 percent rise in second-quarter core earnings due to a higher aluminium price, and pointed to a positive outlook for the second half as supply in China tightens.

* U.S. STEEL: American steel industry executives have appealed directly to President Donald Trump for immediate import restrictions in a letter seen by Reuters, as a U.S. Commerce Department national security probe languishes and steel imports surge back to 2015 levels.

* CHINA STEEL: Baosteel aims to cut more costs at its Wuhan Iron and Steel arm, acquired as part of a government push to make bloated industries more efficient, after Wuhan posted a 780 million yuan ($117 million) first-half loss.

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* Asian stocks advanced, once again shrugging off a sluggish day on Wall Street, and the dollar strengthened as attention shifted to the central bankers’ symposium in Jackson Hole, Wyoming.


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 = 6.6647 Chinese yuan)

Reporting by James Regan; Additional reporting by Manolo Serapio Jr. in Manila; Editing by Richard Pullin and Vyas Mohan

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