(Adds comment, detail, updates prices)
By Melanie Burton
MELBOURNE, April 26 London copper held near its
highest in a week on Wednesday as the U.S. dollar lost ground
against the euro in the wake of the French election, making
commodities more affordable for buyers paying with other
Metal prices in general, however, are facing their weakest
month since May 2016 as investors scale back bullish bets,
Standard Chartered said in a report.
"We expect stagnant price trends to continue in Q2 as weaker
physical market, monetary tightening onshore and Trump failings
all weigh," it said.
LME COPPER: London Metal Exchange copper traded
little changed at $5,699.50 a tonne by 0737 GMT, adding to a 0.9
percent gain from the previous session. LME copper prices on
Wednesday hit a one-week top at $5,731 a tonne, recovering from
near three-month lows hit on April 19.
* SHFE COPPER: Shanghai Futures Exchange copper
climbed 0.8 percent to 46,230 yuan ($6,711) a tonne.
* China's steel futures climbed to their highest in 2-1/2
weeks on Wednesday amid unconfirmed market talk of production
curbs in cities surrounding Beijing ahead of the New Silk Road
summit in May.
* That helped to push up LME zinc, by 0.6 percent,
to $2,619.75 a tonne.
* The euro edged up after hitting a 5-1/2 month high on
Tuesday as traders digested centrist candidate Emmanuel Macron's
victory in the first round of France's presidential election on
* U.S. ECONOMY: U.S. consumer confidence fell from a more
than 16-year high in April, but a surge in new home sales to an
eight-month high last month suggested underlying strength in the
economy despite an apparent sharp slowdown in growth in the
* BHP RESULTS: BHP Billiton, cut its
full-year production guidance for coking coal and copper on
Wednesday due to bad weather at mines in Australia and
industrial action in Chile. Copper guidance was cut by 17
percent to a range of 1.33 million to 1.36 million tonnes.
* LME: The LME wants to attract funds and reverse falling
volumes by boosting liquidity on monthly settled contracts using
prices from trading on other dates, Matt Chamberlain, the LME's
new chief executive, told Reuters.
* Asian stocks extended gains for a fifth consecutive day on
Wednesday, as renewed optimism about the world's biggest economy
brightened the outlook for risky assets while the euro held on
to previous gains as political concerns in France ebbed.
BASE METALS PRICES
Three month LME copper 5703
Most active ShFE copper 46220
Three month LME aluminium 1958.5
Most active ShFE aluminium 14370
Three month LME zinc 2619.75
Most active ShFE zinc 21645
Three month LME lead 2164.5
Most active ShFE lead 16105
Three month LME nickel 9295
Most active ShFE nickel 77990
Three month LME tin 19624
Most active ShFE tin 137600
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 392.23
LME/SHFE ALUMINIUM LMESHFALc3 -1306.5
LME/SHFE ZINC LMESHFZNc3 190.65
LME/SHFE LEAD LMESHFPBc3 -1812.94
LME/SHFE NICKEL LMESHFNIc3 1866.29
($1 = 6.8884 Chinese yuan renminbi)
(Reporting by Melanie Burton; Editing by Amrutha Gayathri and