March 28, 2018 / 2:51 AM / 8 months ago

METALS-London copper prices edge up on softer U.S. dollar

    BEIJING, March 28 (Reuters) - London copper prices ticked
upward for a second day on Wednesday as the U.S. dollar, which
had gained about 0.3 percent overnight, lost ground on lingering
global trade tensions. 
    A weaker greenback makes metals cheaper for holders of other
currencies and can support prices.
   
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange (LME) was up 0.2 percent at $6,665 a tonne by
0219 GMT, extending a 0.7 percent gain in the previous session. 
  
    * SHFE COPPER: The most-traded May copper contract on the
Shanghai Futures Exchange gained 0.3 percent to 49,590
yuan ($7,898.01) a tonne.
    * OTHER METALS: The entire Shanghai base metals complex
moved forward as the dollar index slipped by 0.1 percent
to 89.29, while aluminium was flat in London and LME
lead shed 0.3 percent.
    * COPPER: Vedanta Resources Plc said on Tuesday its
India unit Vedanta Ltd's copper smelting operations at
Thootukudi, in the southern state of Tamil Nadu, will be closed
for about 15 days as part of a maintenance shutdown.  

    * ALUMINIUM: China's northern province of Shanxi on Tuesday
offered some of the country's biggest aluminium companies
preferential access to bauxite resources if they transfer
smelting capacity to the region.
    * ALUMINA: The Alunorte refinery in northern Brazil, owned
by Norway's Norsk Hydro ASA, will start shutting down
half of its alumina capacity in the next two weeks to preserve
equipment, two people familiar with the matter said on Tuesday. 
   
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    MARKETS NEWS    
    * Asian shares pulled back on Wednesday as Wall Street was
knocked hard on concerns about tighter regulations on the tech
industry, denting a brief global equities recovery driven by
hopes of easing fears of a trade war between China and the
United States.    
        
   PRICES    
 BASE METALS PRICES                        0223 GMT
 Three month LME copper                        6663
 Most active ShFE copper                      49580
 Three month LME aluminium                     2044
 Most active ShFE aluminium                   13820
 Three month LME zinc                        3289.5
 Most active ShFE zinc                        24955
 Three month LME lead                          2399
 Most active ShFE lead                        18695
 Three month LME nickel                       13020
 Most active ShFE nickel                      97360
 Three month LME tin                          20830
 Most active ShFE tin                        141240
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     881.45
 LME/SHFE ALUMINIUM           LMESHFALc3   -1083.77
 LME/SHFE ZINC                LMESHFZNc3     440.02
 LME/SHFE LEAD                LMESHFPBc3     297.48
 LME/SHFE NICKEL              LMESHFNIc3      123.7
 
    ($1 = 6.2788 Chinese yuan)

    
 (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
  
 
 
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