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METALS-London copper climbs as China reaffirms growth target
October 23, 2017 / 1:52 AM / a month ago

METALS-London copper climbs as China reaffirms growth target

    MELBOURNE, Oct 23 (Reuters) - London copper climbed on
Monday alongside other metals, after Chinese authorities
reaffirmed that the country's economy was on track to achieve
the official target of 6.5 percent growth this year. 
    
    FUNDAMENTALS
    * LME COPPER: London Metal Exchange copper rose by
0.4 percent to $6,982 a tonne by 0119 GMT, after closing little
changed in the previous session, when it posted its fourth
straight weekly gain. LME copper prices reached $7,177 a tonne
last week, the highest in three years, as manufacturing
brightens in Asia, Europe and the United States. 
    * SHFE COPPER: Shanghai Futures Exchange copper
edged up by 0.2 percent to 54,800 yuan ($8,280) a tonne.
    * CHINA ECONOMY: China's economy is on track to meet its
official growth target for 2017, the head of the state planning
agency said on Saturday, despite a punishing war on pollution
which is expected to slash industrial output over the winter
months.
    * U.S. ECONOMY: President Donald Trump's tax reform plans
won partial support on Friday when Republican U.S. Senator Rand
Paul said he was "all in" for massive tax cuts, but the party
was still far from united over how to achieve the main item on
its domestic agenda.
    * RECYCLING: After years of dismantling discarded
televisions and laptops, a Shanghai recycling plant is readying
itself for a new wave of waste: piles of exhausted batteries
from the surge of electric vehicles hitting China's streets.
    * INVESTORS: Hedge funds and money managers reduced their
net long position in COMEX copper contracts to a five-week high
in the week to Oct. 17, U.S. Commodity Futures Trading
Commission (CFTC) data showed on Friday.
    * ALUMINIUM: U.C. Rusal said that aluminium
production rose 1.1 percent on the quarter to 931,000 tonnes in
the third quarter.
    or     
        
    MARKETS NEWS    
    * Japanese shares jumped on a weaker yen on Monday as an
election win for Shinzo Abe's ruling bloc gave a green light for
more super-easy policy stimulus, while the euro eased as Spain's
constitutional crisis aggravated concerns about political unity
in the region.    
        
    DATA AHEAD (GMT)
    0130  China House prices Sep
    1230  U.S. National activity index Sep
    1400  Euro zone Consumer confidence flash Oct    
    PRICES    
 BASE METALS PRICES                     0117 GMT           
 Three month LME copper                              6985.5
 Most active ShFE copper                              54740
 Three month LME aluminium                             2145
 Most active ShFE aluminium                           16245
 Three month LME zinc                                  3121
 Most active ShFE zinc                                25460
 Three month LME lead                                  2478
 Most active ShFE lead                                19230
 Three month LME nickel                               11775
 Most active ShFE nickel                              95060
 Three month LME tin                                  19530
 Most active ShFE tin                                143980
                                                           
 BASE METALS ARBITRAGE                                     
 LME/SHFE COPPER                   LMESHFCUc3        693.81
 LME/SHFE ALUMINIUM                LMESHFALc3       -299.76
 LME/SHFE ZINC                     LMESHFZNc3         694.2
 LME/SHFE LEAD                     LMESHFPBc3       -729.83
 LME/SHFE NICKEL                   LMESHFNIc3       2766.78
 

($1 = 6.6185 Chinese yuan)

    
 (Reporting by Melanie Burton; Editing by Subhranshu Sahu)
  
 
 

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