March 22, 2018 / 2:56 AM / 4 months ago

METALS-London copper climbs off 3-month low on dovish Fed

    MELBOURNE, March 22 (Reuters) - London copper climbed off
its lowest in three months on Thursday after the U.S. Federal
Reserve signalled a slower pace of rate rises this year, which
weighed on the dollar. 
    
    FUNDAMENTALS
    * London Metal Exchange copper traded at $6,838 a
tonne by 0230 GMT, extending a small recovery from the previous
session, when prices plumbed a three month trough at $6702 but
finished up half a percent. 
    * Shanghai Futures Exchange copper rose 0.9 percent
to 51270 yuan ($8,117) a tonne. 
    * The U.S. Federal Reserve raised interest rates on
Wednesday and forecast two more hikes for 2018 in its first
policy meeting under new Fed Chairman Jerome Powell.

    * President Donald Trump will announce tariffs on Chinese
imports on Thursday, a White House official said, in a move
aimed at curbing theft of U.S. technology and likely to trigger
retaliation from Beijing and stoke fears of a global trade war.

    * Swiss prosecutors confirmed on Wednesday they were
investigating whether miner Rio Tinto paid bribes linked
to the landmark Oyu Tolgoi copper-gold mine.
    * Japanese manufacturing activity expanded at a slower pace
in March than the previous month as growth in new orders and
output moderated, in a sign that the economy may be losing a
little momentum.
    * Among other metals, LME aluminium rallied more
than 1 percent, breaking back above the 200-day moving average
after closing below the key technical level for two sessions in
a row. 
    * Shfe aluminium however was flirting with its
weakest levels in 14 months, around 13,820 yuan, with more China
production expected to come on stream in coming weeks after the
expiration of the country's winter pollution controls. 
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * The U.S. dollar was on the defensive on Thursday after
posting its largest loss in two months when the Federal Reserve
turned out to be less hawkish than anticipated.    
        
    PRICES
 BASE METALS PRICES           0234 GMT             
 Three month LME copper                      6830.5
 Most active ShFE copper                      51240
 Three month LME aluminium                     2104
 Most active ShFE                             13935
 aluminium                              
 Three month LME zinc                        3257.5
 Most active ShFE zinc                        24840
 Three month LME lead                        2403.5
 Most active ShFE lead                        18675
 Three month LME nickel                       13545
 Most active ShFE nickel                     102230
 Three month LME tin                          20910
 Most active ShFE tin                        144450
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER            LMESHFCUc3      1029.41
 LME/SHFE ALUMINIUM         LMESHFALc3     -1487.33
                                        
 LME/SHFE ZINC              LMESHFZNc3       412.84
 LME/SHFE LEAD              LMESHFPBc3       157.34
 LME/SHFE NICKEL            LMESHFNIc3       677.98
                                        
 

($1 = 6.3167 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; Editing by Vyas Mohan)
  
 
 
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