March 21, 2018 / 2:53 AM / a month ago

METALS-London copper edges up from 3-month low on weaker dollar

    BEIJING, March 21 (Reuters) - London copper prices traded
higher on Wednesday, on course to end a four-day losing streak,
as a weaker dollar provided some respite after the metal hit a
three-month low in the previous session following another big
increase in inventories.         
    
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange was up 0.3 percent to $6,772 a tonne by 0219
GMT, after closing down 1.4 percent on Tuesday and touching
$6,730 a tonne, its lowest level since Dec. 14.
    * INVENTORIES: LME copper stocks MCUSTX-TOTAL grew by a
further 3,200 tonnes on Tuesday to 322,475 tonnes, bringing this
month's rise to 61 percent.     
    * SHFE COPPER: The most-traded May copper contract on the
Shanghai Futures Exchange was down for a fourth day,
falling 0.9 percent to 50,910 yuan ($8,043) a tonne. It touched
a low of 50,640 yuan, its lowest since Sept. 25.
    * USD: The dollar index was down 0.1 percent at
90.30. A weaker dollar makes metals cheaper for holders of other
currencies and can support prices.
    * SHFE ZINC: Zinc was down 1.3 percent in Shanghai
to 24,490 yuan a tonne, tracking a 1.8 percent drop in LME zinc
 on Tuesday.
    * COPPER: Workers at Antofagasta PLC's Los
Pelambres copper mine in Chile have opted to extend a period of
government mediation in an effort to reach agreement on a new
labor contract, an industry group said on Tuesday.
    * DRC: Democratic Republic of Congo said on Tuesday it would
open negotiations with mining companies on Wednesday about
implementing a new mining code that hikes taxes and royalties.

    * ALUMINIUM: Global primary aluminium output excluding China
dipped to 2.009 million tonnes in February from a revised 2.221
million tonnes in January, International Aluminium Institute
(IAI) data showed on Tuesday.
    * TARIFFS: The United Arab Emirates is asking Washington to
exempt it from new U.S. tariffs on aluminium and steel and
believes it has a strong case, a senior government official said
on Tuesday.
    * LITHIUM:  A global battle for lithium has landed in the
office of a tiny Chilean regulator, which may decide a winner as
it reviews a petition to block Chinese firms from buying a stake
in top producer SQM.
    For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * A hush settled over financial markets on Wednesday as
investors waited to hear how often the Federal Reserve might
hike U.S. rates this year, while the currencies of exporting
nations were rattled by fears of a full-blown trade war.
    
        
    PRICES
 BASE METALS PRICES                       0219 GMT
 Three month LME copper                       6774
 Most active ShFE copper                     50910
 Three month LME aluminium                    2082
 Most active ShFE aluminium                  13895
 Three month LME zinc                       3207.5
 Most active ShFE zinc                       24490
 Three month LME lead                         2376
 Most active ShFE lead                       18370
 Three month LME nickel                      13445
 Most active ShFE nickel                    101740
 Three month LME tin                         20765
 Most active ShFE tin                       144130
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER              LMESHFCUc3   1031.27
 LME/SHFE ALUMINIUM           LMESHFALc3  -1392.63
                                          
 LME/SHFE ZINC                LMESHFZNc3    421.58
 LME/SHFE LEAD                LMESHFPBc3     71.88
 LME/SHFE NICKEL              LMESHFNIc3    980.88
                                          
    
($1 = 6.3297 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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