Reuters logo
METALS-LME copper hits near two-week low on Trump policy doubts
2017年3月22日 / 凌晨5点17分 / 8 个月前

METALS-LME copper hits near two-week low on Trump policy doubts

 (Adds detail)
    By Melanie Burton
    MELBOURNE, March 22 (Reuters) - London copper dropped with
other commodities on Wednesday, falling towards its lowest in a
fortnight as investors shunned risk on doubts over the economic
agenda of U.S. President Donald Trump.
    Concerns that the U.S. would not push through corporate tax
cuts as promised before last year's election pulled down stocks
in Asia, with the negative sentiment spilling into metals, said
analyst Daniel Morgan of UBS in Sydney.
    "People have also been looking at a resumption of copper
production at Freeport, and the possibility of a resolution of
the strike at Escondida soon," he said, adding that speculators
were now locking in profits.
    "In the background, the physical trade is tightening day by
day. We are still bullish copper."
    The global copper market is expected by some analysts to
fall into deficit this year for the first time in half a decade
after a series of mine disruptions crimped supply amid solid
China demand.
    * LONDON COPPER: Three-month copper on the London Metal
Exchange         had slipped 0.3 percent to $5,759 a tonne by
0718 GMT, extending losses from the previous session. Earlier in
the day, prices hit their weakest since March 10 at $5,715 a
tonne, but found support at the 100-day moving average. 
    * SHANGHAI COPPER: Shanghai Futures Exchange copper         
fell 2.1 percent to 46,660 yuan ($6,776) a tonne. 
    * CONSUMERS: The drop in prices encouraged buying by
consumers. One copper consumer told Reuters he had priced a lot
of metal. 
    * CHINA SMELTERS: Copper stocks in China's Shenzhen are seen
as ample, while China smelters are still not rushing to buy spot
copper concentrate shipments, a smelter source said. 
    * ESCONDIDA: The striking union at BHP Billiton's
                Escondida copper mine in Chile, the world's
largest, will meet with the company on Wednesday to resume
conversations, both parties said on Tuesday night.             
    * PERU METALS OUTPUT: Peru's copper production rose by 24.8
percent in January from the same month a year earlier, while
zinc output increased by 11.3 percent and gold slipped slightly,
official data showed on Tuesday.             
    * OTHER METALS: ShFE nickel          and lead         
dropped 2 percent or more, while ShfFE zinc          closed 1.4
percent lower, pulled down by losses in steel             
    * SPREADS: LME cash prices traded at their steepest discount
to three-month prices since Jan. 18, data showed CMCU0-3,
which was the widest since June 2015, suggesting the refined
market is still in ample supply. 
    * MARKETS: Asian stocks posted their biggest drop in two
weeks on Wednesday as the growing doubts about Trump's economic
growth agenda prompted investors to dump risky assets.
    0900 Euro zone Current account Jan
    1300 U.S. Monthly home price index Jan
    1400 U.S. Existing home sales Feb Wednesday, 22 March 2017
    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 = 6.8830 Chinese yuan)

 (Reporting by Melanie Burton; Editing by Joseph Radford and
Sherry Jacob-Phillips)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below