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METALS-Copper up as China outlook brightens, stocks fall
August 25, 2017 / 1:43 AM / 3 months ago

METALS-Copper up as China outlook brightens, stocks fall

SYDNEY, Aug 25 (Reuters) - Copper was trading close to its highest in nearly three years on Friday, tracking a firmer London 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

FUNDAMENTALS

* LME COPPER: Three-month copper on the London Metal Exchange was up 0.3 percent at $6,708 a tonne by 0100 GMT, close to Thursday’s peak of $6,731.50, the highest since November 2014.

* SHFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange was up 1.5 percent to 52,530 yuan ($7,887.39)a tonne.

* SHFE ALUMINIUM: China aluminium futures were slightly firmer at 16,570 yuan, the highest in more than five years.

* LME: Aluminium - up 25 percent since January - was flat at $2,109. 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 on Friday 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.

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MARKETS NEWS

* A gauge of global equity markets edged lower on Thursday amid investor worries over U.S. government funding, but the U.S. dollar rebounded after recent weakness as central bankers convened for an annual policy summit at Jackson Hole, Wyoming.

DATA/EVENT AHEAD (GMT) 0600 Germany Detailed GDP Q2 0600 Germany Import prices Jul 0645 France Consumer confidence Aug 0800 Germany Ifo business climate Aug 1230 U.S. Durable goods Jul 1400 Federal Reserve Chair Janet Yellen speaks in Jackson Hole 1900 European Central Bank President Mario Draghi speaks

in Jackson Hole

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 = 6.6600 Chinese yuan renminbi)

Reporting by James Regan; Editing by Richard Pullin

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