August 21, 2018 / 1:56 AM / 3 months ago

METALS-London copper ticks above $6,000 a tonne as dollar slips

    BEIJING, Aug 21 (Reuters) - Base metals prices rose in early
Asian trade on Tuesday, with London copper climbing back above
the $6,000 a tonne mark, as the dollar slipped and the market
awaited crunch U.S.-China trade talks in Washington.

    A weaker dollar makes metals cheaper for holders of other
currencies and can support prices.     
        
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange edged up 0.2 percent to $6,004.50 a tonne by
0140 GMT, following a 1.1 percent rise in the previous session. 
    * SHFE COPPER: The most-traded October copper contract on
the Shanghai Futures Exchange climbed 0.6 percent to
48,390 yuan ($7,039.57) a tonne.
    * USD: The dollar index against a basket of six other
currencies fell 0.4 percent to 95.486 after touching 95.440, its
lowest level since Aug. 9.
    * VEDANTA: India's environment court said on Monday an
independent judicial committee would decide in about six weeks
whether to allow Vedanta Ltd to reopen its copper
smelter, which was shut by the southern state of Tamil Nadu on
environmental grounds.
    * COPPER: The global world refined copper market showed a
31,000 tonnes deficit in May, compared with a 105,000 tonnes
deficit in April, the International Copper Study Group (ICSG)
said in its latest monthly bulletin.
    * OTHER METALS: ShFE aluminium was the biggest
gainer, rising 1.5 percent to 14,635 yuan a tonne, after a
similar jump in London on Monday. Tin was the sole laggard,
losing 1.6 percent in Shanghai and 1 percent on the LME
.    
    * BHP: The world's biggest miner, BHP,,
said on Tuesday its full-year profit jumped 33 percent, helped
mainly by robust oil and base metals prices.
    * LITHIUM: China's Tianqi Lithium Corp 002466.SZ is looking
to raise up to $1 billion in its Hong Kong stock market
flotation, despite this year's fall in lithium prices, two
people close to the deal told Reuters.
        
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks were capped and the dollar dipped on Tuesday
after U.S. President Donald Trump accused China and Europe of
manipulating their currencies and said he was "not thrilled"
with the Federal Reserve for hiking interest rates. 
  
        
    PRICES    
 BASE METALS PRICES                       0139 GMT
 Three month LME copper                       6004
 Most active ShFE copper                     48370
 Three month LME aluminium                    2064
 Most active ShFE aluminium                  14620
 Three month LME zinc                         2392
 Most active ShFE zinc                       20160
 Three month LME lead                         1993
 Most active ShFE lead                       17465
 Three month LME nickel                      13670
 Most active ShFE nickel                    112260
 Three month LME tin                         18610
 Most active ShFE tin                       140920
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER             LMESHFCUc3     720.15
 LME/SHFE ALUMINIUM          LMESHFALc3   -1660.23
 LME/SHFE ZINC               LMESHFZNc3     671.55
 LME/SHFE LEAD               LMESHFPBc3     915.34
 LME/SHFE NICKEL             LMESHFNIc3    2838.05
 

($1 = 6.8740 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below