March 30, 2018 / 2:25 AM / a month ago

METALS-Shanghai copper edges up, but set for worst quarter since 2013

    BEIJING, March 30 (Reuters) - Shanghai copper prices edged
up on Friday as the dollar weakened, making metals cheaper for
holders of other currencies, but were set to post their steepest
quarterly drop since 2013 after recent fears of a U.S.-China
trade war spooked markets.
    The London Metal Exchange is closed on Friday and Monday for
the Easter holiday.
        
    FUNDAMENTALS
    * SHFE COPPER: The most-traded May copper contract on the
Shanghai Futures Exchange was up 0.5 percent at 49,900
yuan ($7,949.91) a tonne by 0220 GMT.
    * SHFE COPPER: Shanghai copper is on course to lose 11.2
percent this quarter. That would mark its worst quarterly
performance since the second quarter of 2013, with a 5.8 percent
drop in March alone - its worst month since November 2015.
    * SHFE ALUMINUM: The most traded May aluminium contract on
the ShFE was down 0.9 percent at 13,665 yuan a tonne.
It earlier touched 13,630 yuan a tonne, and is on track for its
worst quarter since the second quarter of 2010 after winter
supply cuts in China were below expectations.
    * CHILE: A union representing the majority of workers at
Codelco's            Radomiro Tomic mine in Chile has rejected a
final offer for a new labour contract, forcing a period of
government-facilitated mediation, the company said on Thursday.

    * CODELCO: Chile's state copper company Codelco said on
Thursday it produced 1.734 million tonnes of copper in 2017, its
second highest output ever, despite persistently low ore grades
at its ageing mines.
    * RIO: Swiss prosecutors on Thursday confirmed they were
checking whether "questionable payments" to an ex-Mongolian
finance minister were linked to Rio Tinto's Oyu Tolgoi
mining project, adding the Anglo-Australian mining company was
"not an accused".
    * ALUMINIUM: Japan's aluminium industry on Thursday called
for the United States to scrap import tariffs on aluminium,
claiming that they are against international rules and pose a
serious problem for the industry and global trade and economic
growth.
    * DRC: International mining firms including Glencore
 and <Randgold RRS.L> on Thursday proposed a sliding
scale for royalty rates on key commodities mined in Democratic
Republic of Congo as an alternative to a windfall tax.
    * For the top stories in metals and other news, click       
 or 
                
    MARKETS NEWS    
    * Stocks steadied on Thursday, after a woeful week for major
technology companies, even as global equities careened towards
their first quarterly drop in two years.
        
       
    PRICES
    
 BASE METALS PRICES                         0220 GMT
 Most active ShFE copper                       49900
 Most active ShFE aluminium                    13705
 Most active ShFE zinc                         24765
 Most active ShFE lead                         18655
 Most active ShFE nickel                       98740
 Most active ShFE tin                         142720
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER             LMESHFCUc3       633.03
 LME/SHFE ALUMINIUM          LMESHFALc3      -915.44
 LME/SHFE ZINC               LMESHFZNc3        381.4
 LME/SHFE LEAD               LMESHFPBc3       207.09
 LME/SHFE NICKEL             LMESHFNIc3      -582.56
 ($1 = 6.2768 Chinese yuan renminbi)

    
 (Reporting by Tom Daly
Editing by Kenneth Maxwell)
  
 
 
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