Reuters logo
METALS-London copper, zinc recover in line with oil
September 26, 2017 / 2:58 AM / in 3 months

METALS-London copper, zinc recover in line with oil

    MELBOURNE, Sept 26 (Reuters) - London metals rose on Tuesday
amid a broader updraft for commodities after production cuts
fuelled an oil price recovery, while demand prospects also
brightened after the Asian Development Bank raised its forecast
for China's growth.
            
    FUNDAMENTALS
    * LME COPPER: London Metal Exchange copper rose by
0.9 percent to $6,508.50 a tonne by 0225 GMT after having closed
flat in the previous session. Prices fell to the lowest since
mid-August at $6,366 a tonne on Friday. 
    * SHFE COPPER: Shanghai Futures Exchange copper
rose 0.9 percent to 50,630 yuan ($7,645) a tonne.
    * SHFE METALS: Shanghai zinc rallied 3 percent, helped by a
recovery in Shanghai rebar, which climbed by 1.5
percent. 
    * CHINA GROWTH: The Asian Development Bank raised its
outlook for China's economic growth this year on the back of
strong domestic consumption, an export recovery and solid growth
in services.
    * OIL: Oil markets took a breather on Tuesday after prices
jumped more than 3 percent in the previous session, with Turkey
threatening to cut crude flows from Iraq's Kurdistan region to
the outside world.
    * BAUXITE: Bauxite mining companies have resumed normal
operations in Guinea's Boke region as local authorities try to
negotiate a definitive end to unrest that has disrupted
production for more than a week, sources familiar with the
matter said on Monday. 
    * TC/RCS: Tighter copper supply and an increase in refining
capacity in top-consumer China should result in lower treatment
and refining charges (TC/RCs) by smelters, the chief executive
of Chilean miner Antofagasta PLC told Reuters on
Monday. 
    * MINING PERMITS: Brazil will reinstate a mining ban in a
vast area of the Amazon rainforest, the government said on
Monday, in an about-face that is a victory for environmentalists
who feared deforestation.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares slumped on Tuesday while the dollar remained
off recent highs against the yen against the backdrop of rising
tensions on the Korean Peninsula.    
        
    DATA/EVENT AHEAD (GMT) 
    0600  Germany Import prices Aug 
    0645  France Business climate Sep 
    1300  U.S. Case-Shiller housing index Jul 
    1400  U.S. Consumer confidence Sep 
    1400  U.S. New home sales Aug 
    1645 Federal Reserve Chair Janet Yellen speaks at Ohio event
    
    PRICES    
    
 BASE METALS PRICES                   0221 gmt          
 Three month LME copper                           6511.5
 Most active ShFE copper                           50640
 Three month LME aluminium                          2155
 Most active ShFE aluminium                        16550
 Three month LME zinc                               3131
 Most active ShFE zinc                             25690
 Three month LME lead                               2480
 Most active ShFE lead                             20675
 Three month LME nickel                            10660
 Most active ShFE nickel                           85210
 Three month LME tin                               20740
 Most active ShFE tin                             146650
                                                        
 BASE METALS ARBITRAGE                                  
 LME/SHFE COPPER                LMESHFCUc3        304.54
 LME/SHFE ALUMINIUM             LMESHFALc3        -19.89
 LME/SHFE ZINC                  LMESHFZNc3        942.71
 LME/SHFE LEAD                  LMESHFPBc3        271.56
 LME/SHFE NICKEL                LMESHFNIc3       1474.24
 
($1 = 6.6228 Chinese yuan)

    
 (Reporting by Melanie Burton; Editing by Subhranshu Sahu)
  
 
 

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below