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4 个月前
METALS-London copper slips as oversupply worries drag
2017年4月11日 / 早上7点47分 / 4 个月前

METALS-London copper slips as oversupply worries drag

* London copper slips

* Weaker dollar fails to generate buyers (Adds trader comment, updates prices)

By James Regan

SYDNEY, April 11 (Reuters) - London copper eased further on Tuesday after dropping the day before, weighed down by concerns about oversupply as the world's top two copper mines look to recover from disruptions.

"Even a weaker dollar didn't generate much interest for investors," said a commodities trader in Perth. "It was more a case of everyone sitting on the sidelines for now."

The dollar index, which gauges the U.S. currency against a basket of six major peers, was slightly down on the day at 101.050.

FUNDAMENTALS

* LME COPPER: London Metal Exchange copper had slipped 0.01 percent to $5,740 a tonne by 0730 GMT, after dropping nearly 1.5 percent the day before.

* SHFE COPPER: Shanghai Futures Exchange copper declined 1.7 percent to 46,580 yuan ($6,748) a tonne.

* COPPER SUPPLY: Prices have faltered since shipments resumed from BHP Billiton's Escondida mine in Chile and since Freeport McMoRan Inc said it was waiting for final details on a temporary export permit in Indonesia, ending lengthy disruptions.

* U.S. STOCKS: U.S. stocks ended a choppy session slightly higher as gains in energy shares offset losses in financials ahead of quarterly corporate earnings later this week.

* BHP: BHP on Monday rejected a plan by activist shareholder Elliott Advisors to scrap the miner's dual company structure, split off its oil business and return more cash to investors, saying the costs would outweigh any benefits.

* Any significant changes to the corporate structure of BHP Billiton would need to be consistent with a "national interest" test under the law, the Australian government said on Tuesday.

* PERU: A Southern Copper Corp spokesman said its operations in Peru were near normal as workers started an indefinite strike on Monday, although a union representative said 80 percent of capacity was affected.

* NEW CALEDONIA: A powerful cyclone that hit New Caledonia late on Monday and shuttered nickel operations has moved offshore, allowing authorities to lift warnings on the French South Pacific territory.

* For the top stories in metals and other news, click or

* MARKETS

Asian stocks fell on Tuesday as the political tinderbox in the Middle East and the Korean Peninsula added to uncertainty over the looming French vote, pushing nervous investors into safer assets such as the yen and Treasuries.

* Even oil, which advanced earlier on supply concerns in the wake of U.S. missile strikes on a Syrian air base last week and a shutdown at a Libyan oilfield, reversed to trade lower, breaking its multi-session winning streak.

DATA AHEAD (GMT)

0900 Euro Zone Industrial Production Feb

1000 U.S. NFIB Business Optimism Mar

1400 U.S. JOLTS Job Openings Feb

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS ($1 = 6.9025 Chinese yuan renminbi) (Reporting by James Regan; Editing by Joseph Radford)

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