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METALS-London copper facing weekly drop as supply concerns dissipate
2017年3月24日 / 凌晨1点25分 / 8 个月前

METALS-London copper facing weekly drop as supply concerns dissipate

MELBOURNE, March 24 (Reuters) - London copper was on track for a two percent weekly drop on Friday after striking union members at Escondida, the world’s top copper mine, agreed to return to work.

FUNDAMENTALS

* LME COPPER: London Metal Exchange copper edged down by 0.2 percent to $5,811 a tonne by 0114 GMT, following a small gain in the previous session. The metal was set for a two percent weekly drop, trimming its year-to-date gains to 5 percent.

* TECHNICALS: Copper faces resistance at the 200-day moving average on the weekly chart at $5,959 a tonne.

* SHFE COPPER: Shanghai Futures Exchange copper was little changed at 47,000 yuan ($6,827) a tonne.

* ZINC STRIKE: Noranda Income Fund said on Thursday zinc output at its Quebec plant, the second-largest in North America, was at 50-60 percent of normal operating levels as a five-and-a-half week long strike dragged on.

* JAPAN ECON: Confidence among Japanese manufacturers rose for a seventh straight month in March to a three-year high, while the service sector’s mood held steady, a Reuters poll showed, highlighting an export-led economic recovery.

* FREEPORT: Freeport-McMoRan Inc said Thursday that a nearly two-week strike has not materially impacted production levels at its Cerro Verde copper mine in Peru, the country’s biggest, although the union said output has been cut in half.

* ESCONDIDA: The strike at Chile’s Escondida, the world’s largest copper mine, is ending after workers decided to invoke a rarely used legal provision that allows them to extend their old contract, the union said on Thursday.

* CHINA POLLUTION: Beijing and the surrounding province of Hebei will plant trees, establish green belts and make use of rivers and wetlands to create a “green necklace” to protect China’s smog-hit capital from pollution.

* For the top stories in metals and other news, click or

MARKETS: U.S. stocks inched lower on Thursday after a vote on President Donald Trump’s healthcare bill was delayed, casting doubt over the prospects of Trump’s pro-growth policies, while European shares rose on bank borrowing and oil prices slipped.

DATA/EVENTS

0745 France GDP Final Q4

0800 France Markit manufacturing flash PMI Mar

0830 Germany Markit manufacturing flash PMI Mar

0900 Euro zone Markit manufacturing flash PMI Mar

1230 U.S. Durable goods Feb

1445 U.S. Markit manufacturing flash PMI Mar

Federal Reserve Chair Janet Yellen speaks at lunch event at

the Brookings Institution to discuss Fed’s recent rate

action and monetary policy

PRICES

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

ARBS ($1 = 6.8843 Chinese yuan renminbi)

Reporting by Melanie Burton; Editing by Richard Pullin

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