(Adds comment, detail, updates prices)
By Melanie Burton
MELBOURNE, April 20 London copper rose on
Thursday but was mired near its lowest for the year after
China's refined production surged in March, underlining ample
stocks in the world's biggest metals consumer.
China's refined copper output rose 8.5 percent in March from
a year ago to its highest since at least December 2015.
"The emergence of opportunistic buying should see the recent
selloff in metal markets come to an end," ANZ said in a report.
* LME COPPER: Three-month copper on the London Metal
Exchange was up 0.5 percent at $5,585 a tonne by 0252
GMT, after closing slightly lower in the previous session when
prices hit the weakest since early January at $5,530 a tonne.
* SHFE COPPER: Shanghai Futures Exchange copper
slipped by 0.4 percent to 45,460 yuan ($6,602) a tonne.
* CHINA OUTPUT: China's refined copper output rose 8.5
percent in March from a year ago to 764,000 tonnes, its highest
since at least December 2015, while aluminium and iron ore
output levels were the lowest in months, according to the
National Statistics Bureau.
* NICKEL: Short-dated nickel contracts have surged this
week, reflecting a lack of immediately available supply. Nickel
for tomorrow next day (tom/next) delivery traded as high as $10
this week and $7.50 last, the highest since December CMNIT-O.
* U.S. PROPERTY: U.S. mortgage application activity fell
last week despite a decline in borrowing costs on 30-year home
loans to their lowest levels in nearly five months, Mortgage
Bankers Association data released on Wednesday showed.
* JAPAN ECONOMY: Confidence among Japanese manufacturers has
risen for an eighth straight month to a level not seen since
before the 2008 global financial crisis, a Reuters survey found,
reflecting output and export gains led by overseas economic
* INVESTORS: Total global commodity assets under management
(AUM) fell to $277 billion in March from $282 billion the month
before, Barclays said in a note.
* RIO TINTO: Rio Tinto cut its copper
guidance to 500,000-550,000 tonnes from as much as 665,000
tonnes as a result of a strike at the Escondida mine in Chile
and the curtailment of production at the Grasberg mine in
MARKETS: Asian stocks may slip for a second consecutive day
on Thursday as a weak Wall Street and declining commodity
prices, especially for oil, prompted investors to trim their
exposure to risky assets.
BASE METALS PRICES 0249 GMT
Three month LME copper 5583
Most active ShFE copper 45330
Three month LME aluminium 1914
Most active ShFE aluminium 14160
Three month LME zinc 2545.5
Most active ShFE zinc 21120
Three month LME lead 2140.5
Most active ShFE lead 16000
Three month LME nickel 9410
Most active ShFE nickel 78760
Three month LME tin 19720
Most active ShFE tin 140480
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 374.89
LME/SHFE ALUMINIUM LMESHFALc3 -1172.89
LME/SHFE ZINC LMESHFZNc3 206.19
LME/SHFE LEAD LMESHFPBc3 -1741.81
LME/SHFE NICKEL LMESHFNIc3 1703.77
($1 = 6.8860 Chinese yuan)
(Reporting by Melanie Burton; Editing by Amrutha Gayathri and