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1 个月前
METALS-Copper slips from near two-month top ahead of Fed
2017年6月13日 / 凌晨3点26分 / 1 个月前

METALS-Copper slips from near two-month top ahead of Fed

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 (Adds details, comments and updates prices)
    MELBOURNE, June 13 (Reuters) - London copper eased on
Tuesday from near a two-month high ahead of the U.S. Federal
Reserve's interest rate decision due later in the week, while
China zinc prices slumped towards seven-month lows alongside
falling steel. 
     The U.S. Federal Reserve is widely expected to raise its
benchmark interest rate this week due to a tightening labour
market and may also provide more detail on its plans to shrink
the mammoth bond portfolio it amassed to nurse the economic
recovery.
    Rising interest rates are expected to shore up the dollar,
making dollar-based commodities more expensive for holders of
other currencies and dampening demand.
    
    FUNDAMENTALS
    * LME COPPER: London Metal Exchange copper fell 0.7
percent to $5733 a tonne by 0726 GMT, extending a small 0.6
percent drop in the previous session. 
    * TECHNICALS: LME copper has been challenging resistance
around the 100-day moving average at $5784 a tonne, having
reached $5,832 a tonne on Friday which was its highest since
April 10.
    * SHFE COPPER: Shanghai Futures Exchange copper
fell 1.1 percent to 45830 yuan  ($6,742) a tonne.
    * ZINC: Premiums for zinc held in China's bonded zones have
surged to $195-205 from $155 last week ZN-BMPBW-SHMET. Signs
of supply stress also showed on the ShFE, where front month
prices flaring to more than 2000 yuan above the third month
futures contract on Monday. 
    * ZINC: Industry sources said that shorts on the front month
SHFE were being forced to cover their positions. Since ShFE
accepts mostly Chinese brands for delivery against its front
month futures contract, the spillover effect into LME may be
limited, they said. 
    * U.S. ECONOMY: U.S. inflation expectations tumbled last
month, with one key measure hitting its lowest level since early
2016, according to a Federal Reserve Bank of New York survey
that could amplify the central bank's concern over a broad slump
in prices.
    * CHINA ECONOMY: A small majority of traders in China's
financial markets think its central bank will likely raise
short-term interest rates this week if the U.S. Federal Reserve
hikes its key policy rate, as widely expected, according to a
Reuters poll.
    * COPPER DEMAND: The growing number of electric vehicles
hitting roads is set to fuel a nine-fold increase in copper
demand from the sector over the coming decade, according to an
industry report on Tuesday.
    * WAREHOUSES: French bank Natixis has sued metals
broker Marex Spectron for $32 million over alleged fraudulent
receipts for nickel stored at warehouses in Asia run by a unit
of commodities giant Glencore GLEN.L, a court filing showed.

    * ZINC: China is likely to step up imports of refined zinc
from May, industry sources said last month, as dwindling global
supplies of concentrate hit local output of the metal, used to
galvanise steel.
    * For the top stories in metals and other news, click       
 or     
        
        
 BASE METALS PRICES                  0730 GMT        
 Three month LME copper                        5736.5
 Most active ShFE copper                        45830
 Three month LME aluminium                       1885
 Most active ShFE aluminium                     13700
 Three month LME zinc                          2452.5
 Most active ShFE zinc                          20720
 Three month LME lead                            2057
 Most active ShFE lead                          16820
 Three month LME nickel                          8775
 Most active ShFE nickel                        72540
 Three month LME tin                            19165
 Most active ShFE tin                          144850
                                                     
 BASE METALS ARBITRAGE                               
 LME/SHFE COPPER             LMESHFCUc3        324.92
 LME/SHFE ALUMINIUM          LMESHFALc3        324.92
 LME/SHFE ZINC               LMESHFZNc3        734.71
 LME/SHFE LEAD               LMESHFPBc3        -145.5
                                                    3
 LME/SHFE NICKEL             LMESHFNIc3        2273.0
                                                    2
 

($1 = 6.7975 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; Editing by Vyas Mohan)
  
 
 

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