November 10, 2017 / 3:13 AM / a year ago

METALS-Copper holds above 1-month low as weaker dollar lifts metals

 (Adds Shanghai closing prices, updates London prices)
    MELBOURNE/BEIJING, Nov 10 (Reuters) - London Metal Exchange
copper held above one-month lows on Friday as a weaker dollar
broadly lifted base metals, although it remained on track for a
weekly loss.
    "Copper prices will continue to trade sideways over the
coming weeks as a stronger U.S. dollar outlook and weakening
Chinese imports of refined copper weigh on prices," said BMI
Research in a report.
    "High-frequency indicators such as stable stock levels, a
persistently negative cash to 3-month spread and a global
monthly surplus registered in August imply the copper price
rally is overdone compared to near-term fundamentals." 
    BMI expects prices to average $6,100 a tonne in 2018.
    * COPPER: LME copper was up 0.5 percent at $6,840 a
tonne, as of 0732 GMT, following small losses in the previous
session when it sank to its weakest since Oct. 11 at $6,761.50.
Shanghai Futures Exchange copper closed up 0.1 percent
at 53,580 yuan ($8,070.98) a tonne.
    * OPEN INTEREST: Open interest in the LME copper contract
has fallen below 320,000 lots to the lowest since May and close
to the lowest in a year. MCU-OI-TOT
    * U.S. DOLLAR: The U.S. dollar slipped to a six-day low
against a basket of currencies on Thursday as investors fretted
over a Republican tax plan that would delay corporate tax cuts.

    * JAPAN MANUFACTURERS: Confidence among Japanese
manufacturers slipped in November from a decade-high seen the
previous month, a Reuters poll showed, but it remained strong -
underscoring the economy's continuing expansion.
    * NOBLE: Commodities trader Noble Group reported a
third-quarter loss of $1.17 billion, hit by charges from
disposals of some of its businesses, and warned that the
operating environment remains challenging. 
    * FREEPORT: Armed separatists have occupied five villages in
Indonesia's Papua province, threatening to disrupt
Freeport-McMoRan Inc's giant Grasberg copper mine, which
has already been hit this year by labour unrest and a dispute
over operating rights.
    * LEAD: LME lead was the only metal on track for a
weekly gain, of near 3 percent, as prices hit the highest since
Oct. 17 at $2,545 a tonne at 0700 GMT before easing back to
$2,542 a tonne. LME stocks have fallen to the lowest in almost
two years below 150,000 tonnes. MPBSTX-TOTAL
    * LEAD FUNDAMENTALS: Global demand for refined lead metal
will exceed supply by 125,000 tonnes this year, while a deficit
of 45,000 tonnes is expected in 2018, according to the
International Lead and Zinc Study Group (ILZSG).
    * Asian shares slipped on Friday on the uncertainty over
U.S. tax reforms.
 BASE METALS PRICES                            0732 GMT
 Three month LME copper                            6840
 Most active ShFE copper                          53570
 Three month LME aluminium                         2087
 Most active ShFE aluminium                       15520
 Three month LME zinc                              3195
 Most active ShFE zinc                            25600
 Three month LME lead                              2542
 Most active ShFE lead                            19280
 Three month LME nickel                           12370
 Most active ShFE nickel                          99120
 Three month LME tin                              19575
 Most active ShFE tin                            143880
 BASE METALS ARBITRAGE                                 
 LME/SHFE COPPER                 LMESHFCUc3      526.65
 LME/SHFE ALUMINIUM              LMESHFALc3     -598.52
 LME/SHFE ZINC                   LMESHFZNc3      528.28
 LME/SHFE LEAD                   LMESHFPBc3     -962.05

($1 = 6.6386 Chinese yuan)

 (Reporting by Melanie Burton and Tom Daly in BEIJING; Editing
by Richard Pullin and Sherry Jacob-Phillips)
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