SYDNEY May 11 Shanghai metals futures traded
lower on Thursday as investors turned to equities and oil, where
a U.S.-led rally was spilling into Asian markets.
* Three-month London Metal Exchange copper managed
to find some support, trading 0.16 percent higher at $5,509 a
tonne by 0110 GMT, reversing losses from the previous session.
But the contract remained close to the four-month lows hit
earlier this week as the market fretted about weak demand from
China after data showed falling imports.
* The most-traded copper contract on the Shanghai Futures
Exchange slipped 0.36 percent to 44,790 yuan ($6,490) a
SHANGHAI: ShFE aluminium, zinc, lead
, nickel and tin were also lower at
the start of trade.
COPPER WALKOUT: Workers at BHP Billiton's,
Cerro Colorado copper mine in Chile will strike for 24 hours in
the coming weeks to protest recent layoffs and the company's
general attitude toward miners.
EXCHANGE LISTENS: The head of Hong Kong Exchanges and
Clearing (HKEx) rebuffed criticism of the bourse's
handling of the London Metal Exchange on Wednesday, but pledged
to listen to core users of the world's oldest metal market as it
plans more reforms.
* GREEN ALUMINIUM: Aluminium is one of the materials
benefiting from the greening of the world's economy. Lightweight
and durable, it has been making steady inroads into the
transportation sector in particular and enjoys one of the
strongest usage profiles of any industrial metal.
* For the top stories in metals and other news, click
* Asian stocks edged higher on Thursday. MSCI's broadest
index of Asia-Pacific shares outside Japan rose
0.2 percent. Japan's Nikkei advanced 0.1 percent. Oil
prices rebounded in the U.S. after the largest one-week drop in
U.S. crude inventories this year. This helped fuel a modest rise
on Wall Street, while European stocks closed near their highest
in almost two years.
DATA/EVENT AHEAD (GMT)
0600 Germany Wholesale price index Apr
0830 Britain Industrial output Mar
1100 Bank of England interest rate decision
1230 U.S. Weekly jobless claims
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
($1 = 6.9011 Chinese yuan)
(Reporting by James Regan; Editing by Amrutha Gayathri)