May 10, 2018 / 2:16 AM / 18 days ago

METALS-London copper rises on low inventories, strong China data

    BEIJING, May 10 (Reuters) - London copper rose for a second
session on Thursday as falling inventories and strong import
numbers from top consumer China continued to support prices.
    China imported 442,000 tonnes of unwrought copper in April,
according to customs data released this week, the highest
monthly total so far in 2018.
        
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange (LME) was up 0.5 percent at $6,844.50 a tonne,
as of 0146 GMT, having closed 1 percent higher in the previous
session.
    * SHFE COPPER: The most-traded July copper contract on the
Shanghai Futures Exchange rose 0.7 percent to 51,250
yuan ($8,049.82) a tonne.
    * INVENTORIES: Copper stocks MCUSTX-TOTAL in
LME-registered warehouses dropped 9,600 tonnes to 293,025
tonnes, their lowest since late January, exchange data showed on
Wednesday.
    * ALUMINIUM: London aluminium dropped 0.9 percent to
$2,345 a tonne, having gained 0.6 percent in the previous
session after a drop of 21,100 tonnes in inventories.

     * ALUMINIUM: Japan's UACJ Corp said on Wednesday
it is suspending aluminium buying from Russia's Rusal because of
U.S. economic sanctions on the producer, but the company has
found alternative supplies from others.
    * ZINC: China's refined zinc production rose 2.1 pct in
April from a month earlier to 377,000 tonnes as smelters
returned from maintenance, research house Antaike said in a
note.
    * GRAPHITE: Australian-listed Syrah Resources is
targeting the market for electric vehicle batteries with its
Balama graphite mine in Mozambique, which started production in
November.

    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian stocks rose on Thursday, with energy shares leading
the way as crude oil prices bolted higher after U.S. President
Donald Trump's decision to pull out of a nuclear deal with Iran.
    
        
    DATA AHEAD (GMT)
    1230  U.S.    Consumer prices April
    1230  U.S.      Weekly jobless claims    
        
    PRICES   
 BASE METALS PRICES                        0201 GMT
 Three month LME copper                      6845.5
 Most active ShFE copper                      51240
 Three month LME aluminium                   2338.5
 Most active ShFE aluminium                   14615
 Three month LME zinc                        3093.5
 Most active ShFE zinc                        23820
 Three month LME lead                        2294.5
 Most active ShFE lead                        18885
 Three month LME nickel                       13905
 Most active ShFE nickel                     104490
 Three month LME tin                          21155
 Most active ShFE tin                        145690
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     433.42
 LME/SHFE ALUMINIUM           LMESHFALc3   -2619.17
 LME/SHFE ZINC                LMESHFZNc3     461.38
 LME/SHFE LEAD                LMESHFPBc3     705.09
 LME/SHFE NICKEL              LMESHFNIc3       -848
 
($1 = 6.3666 Chinese yuan)

    
 (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
  
 
 
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