February 27, 2018 / 2:06 AM / 21 days ago

METALS-London copper holds ground ahead of Powell testimony

    MELBOURNE, Feb 27 (Reuters) - London copper prices inched up
on Tuesday, lifted in light trade by a weaker dollar ahead of
Federal Reserve Chairman Jerome Powell's highly-anticipated
first congressional testimony later in the day.
    * LONDON COPPER: London Metal Exchange copper had
edged up 0.3 percent to $7131.50 a tonne by 0128 GMT, having
finished up a touch in the previous session. Prices have been
trading in a $7,000-$7,250 a tonne range since mid-month,
slightly down from a four-year peak of $7,312.50 hit in
    * SHANGHAI COPPER: Shanghai Futures Exchange copper
eased by 0.3 percent to 53,290 yuan ($8,443) a tonne. Other
metals, however, were all slightly higher reflecting a strong
rally in Shanghai stocks.
    * U.S. ECONOMY: Sales of new U.S. single-family homes fell
for a second straight month in January, weighed down by steep
declines in the Northeast and South, which could raise concerns
the housing market is losing momentum.
    * EURO ZONE ECONOMY: Slack in the euro zone economy may be
bigger than previously estimated and this could slow the rise of
inflation but only temporarily and prices will eventually climb,
European Central Bank President Mario Draghi said on Monday.

    * ALUMINIUM SPREADS: Nearby aluminium spreads are under
intense pressure, reflecting a rush on short-dated supply. The
cost to roll aluminium for a day surged to $11 three times in
the past week, having hit the highest since November, 2016.
    * ALUMINIUM PREMIUMS: Aluminium premiums have also climbed,
spiking to 14.5 cents a tonne last week, the highest since
April, 2015. Traders said there is a rush to import nearby metal
in case the U.S. slaps a duty on imports of foreign made
    * NICKEL: Two of Russia's richest men could trigger a
complicated auction known as a "shootout" in a bid to end their
long-running battle for control of mining giant Norilsk Nickel
    * EV RECYCLING: China will make manufacturers of electric
vehicles (EV) responsible for setting up facilities to collect
and recycle spent batteries, as part of its efforts to tackle
mounting waste in the sector, say new rules published on Monday.
    * For the top stories in metals and other news, click       
    * Asian shares extended their recovery on Tuesday, hitting a
three-week high as U.S. borrowing costs eased ahead of Federal
Reserve Chairman Jerome Powell's highly-anticipated first
congressional testimony later in the day.    
    0745  France consumer confidence Feb
    0900  Euro zone Money supply growth Jan
    1000  Euro zone Business climate Feb
    1300  Germany Consumer prices Feb
    1330  U.S. Durable goods Jan
    1330  U.S. Advance goods trade balance Jan
    1400  U.S. Monthly home price index Dec
    1400  U.S. Case-Shiller housing index Dec
    1500  U.S. Consumer confidence Feb
    1500  Federal Reserve Chairman Jerome Powell delivers
semi-annual monetary policy testimony before the House Financial
Services Committee    
 BASE METALS PRICES                     0147 GMT           
 Three month LME copper                              7138.5
 Most active ShFE copper                              53320
 Three month LME aluminium                             2145
 Most active ShFE aluminium                           14230
 Three month LME zinc                                  3533
 Most active ShFE zinc                                26680
 Three month LME lead                                  2586
 Most active ShFE lead                                19515
 Three month LME nickel                               13875
 Most active ShFE nickel                             105020
 Three month LME tin                                  21630
 Most active ShFE tin                                147910
 BASE METALS ARBITRAGE                                     
 LME/SHFE COPPER                  LMESHFCUc3        1013.53
 LME/SHFE ALUMINIUM               LMESHFALc3       -1449.16
 LME/SHFE ZINC                    LMESHFZNc3         329.54
 LME/SHFE LEAD                    LMESHFPBc3        -224.34
 LME/SHFE NICKEL                  LMESHFNIc3        1923.96

($1 = 6.3115 Chinese yuan renminbi)

 (Reporting by Melanie Burton
Editing by Joseph Radford)
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