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METALS-Shanghai copper prices fall sharply, track losses in London
December 6, 2017 / 2:33 AM / in 5 days

METALS-Shanghai copper prices fall sharply, track losses in London

    BEIJING, Dec 6 (Reuters) - Shanghai copper fell more than 3
percent in early trade on Wednesday, tracking London prices
which the session before saw their biggest drop since July,
2015.
    
    FUNDAMENTALS
    * SHFE COPPER: The most-traded Shanghai Futures Exchange
copper contract was down 3.2 percent at 51,350 yuan
($7,758.44) a tonne at 0158 GMT, on course for its biggest
one-day fall since November, 2016. 
    * LME COPPER: Three-month copper on the London Metal
Exchange was trading up 0.2 percent at $6,566 a tonne,
having plummeted 4.2 percent on Tuesday as inventories rose and
the dollar firmed.
    * NICKEL: Shanghai nickel was down 4 percent, tracking a
4.6-percent fall on the LME in the previous session to
the metal's lowest level in nearly two months.
    * OTHER METALS: ShFE zinc slipped 2.2 percent,
aluminium was down 1.5 percent and lead lost
1.8 percent amid a broad plunge in base metals. 
    
    METALS NEWS
    * COPPER: Indonesia said on Tuesday it planned to acquire
Rio Tinto's, stake in the Grasberg copper mine
operated by Freeport-McMoRan Inc, potentially solving a
drawn-out problem for all three parties. 
    * BATTERIES: Glencore has increased production of
metals used to make electric car batteries faster than its major
mining rivals, according to an industry-wide analysis.
   
    * VIETNAM: The U.S. Commerce Department on Tuesday slapped
steep import duties on steel products from Vietnam that
originated from Chinese-made steel.
    For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian stocks slipped on Wednesday, pressured by losses on
Wall Street as the technology sector stuttered yet again after a
brief rebound, while the dollar sagged on lower long-term U.S.
yields.    
        
    DATA AHEAD (GMT)
    0700  Germany    Industrial orders Oct
    1315  U.S.    ADP national employment       
        
    PRICES    
    
 BASE METALS PRICES                        0158 GMT
 Three month LME copper                        6556
 Most active ShFE copper                      51350
 Three month LME aluminium                     2053
 Most active ShFE aluminium                   14360
 Three month LME zinc                        3096.5
 Most active ShFE zinc                        24750
 Three month LME lead                          2480
 Most active ShFE lead                        18625
 Three month LME nickel                       10860
 Most active ShFE nickel                      87980
 Three month LME tin                          19410
 Most active ShFE tin                        139920
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     693.92
 LME/SHFE ALUMINIUM           LMESHFALc3   -1333.89
                                          
 LME/SHFE ZINC                LMESHFZNc3     337.46
 LME/SHFE LEAD                LMESHFPBc3   -1178.49
 LME/SHFE NICKEL              LMESHFNIc3     2754.6
                                          
 
($1 = 6.6186 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; Editing by Joseph Radford)
  
 
 

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