September 20, 2019 / 2:20 AM / 2 months ago

METALS-London copper rises on upbeat U.S. housing data; set for weekly drop

    BEIJING, Sept 20 (Reuters) - London copper prices inched
higher in early trade on Friday, boosted by U.S. data showing
August home resales at a 17-month high, while the number of
Americans filing for unemployment benefits rose less than
expected last week. 
    Copper, widely used in construction and power, nonetheless
remained on course for a 3% drop this week, which would mark its
steepest weekly fall since the week ended Aug. 2 amid concerns
over tepid demand in top copper consumer China. 
    
    FUNDAMENTALS
    * COPPER: Three-month copper on the London Metal Exchange
 was up 0.2% at $5,797 a tonne, as of 0148 GMT, after
closing lower in the previous four sessions. The most-traded
November copper contract on the Shanghai Futures Exchange
 was flat at 47,110 yuan ($6,641.48) a tonne.
    * The steady economic growth pace in the United States was
also underscored by other data on Thursday showing home resales
rising in August to a 17-month high. While factory activity in
the mid-Atlantic region slowed in September, orders remained
solid, leading manufacturers in the region to increase
employment and boost hours for workers.
    * COPPER: Peru expects its copper production to grow 27% and
gold output to expand 12% in the next three years by 2022, the
country's energy and mines minister said on Thursday. 

    * ECUADOR: Ecuador's constitutional court has rejected a
petition for local consultation on a mining ban in a province in
southern Ecuador, following a ruling covering a northern
province and allowing copper miner SolGold to press
ahead with exploration.
    * FIRST QUANTUM: Canadian copper miner First Quantum
Minerals Ltd is drawing preliminary takeover interest
from global miners after losing half its value over the past
five years, Bloomberg reported on Thursday.
    * OTHER METALS: The LME complex was mixed, with tin
the top performer with a 1.1% jump. Nickel climbed 0.4%,
while lead was down 0.5% and aluminium slipped
0.2%.
    * NICKEL: The global nickel market deficit widened to 6,700
tonnes in July from a revised shortfall of 2,700 tonnes in the
previous month, the International Nickel Study Group (INSG) said
on Thursday.
    * RARE EARTHS: U.S. President Donald Trump and Australian
Prime Minister Scott Morrison are set to release a plan on
Friday aimed at securing the supply of rare earth minerals, a
senior administration official said, as concerns grow that China
could cut off shipments of the prized commodities.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian share prices inched higher as economic stimulus
around the world eased fears of economic deceleration, while
crude oil prices climbed on concerns that last weekend's attacks
on Saudi Arabia's oil facilities still pose supply risks.
    
        
    DATA/EVENTS AHEAD (GMT)
0600   Germany   Producer Prices MM, YY   Aug
1400   EU        Consumer Confid. Flash   Sept
1600   US        Federal Reserve releases figures on financial
health of U.S. household in its Flow of Funds report for Q2.    
    
    PRICES    
 BASE METALS PRICES                      0154 GMT
 Three month LME copper                      5797
 Most active ShFE copper                    47100
 Three month LME aluminium                   1797
 Most active ShFE aluminium                 14185
 Three month LME zinc                      2316.5
 Most active ShFE zinc                      18975
 Three month LME lead                      2086.5
 Most active ShFE lead                      16805
 Three month LME nickel                     17350
 Most active ShFE nickel                   137040
 Three month LME tin                        16655
 Most active ShFE tin                      136550
                                                 
 BASE METALS ARBITRAGE                           
 LME/SHFE COPPER             LMESHFCUc3   1303.45
 LME/SHFE ALUMINIUM          LMESHFALc3   -271.84
                                         
 LME/SHFE ZINC               LMESHFZNc3    177.51
 LME/SHFE LEAD               LMESHFPBc3    -514.4
 LME/SHFE NICKEL             LMESHFNIc3  -4854.89
                                         
 ($1 = 7.0933 Chinese yuan)

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