January 16, 2019 / 1:56 AM / 3 months ago

METALS-London copper rises on softer dollar, China stimulus hopes

    BEIJING, Jan 16 (Reuters) - London copper prices edged
higher for a second day in early Asian trade on Wednesday, as
the dollar weakened, making metals cheaper for holders of other
currencies, and investors were buoyed by signs of more stimulus
from top metals consumer China.
        
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange was up 0.1 perent at $5,923 a tonne, as of 0141
GMT, extending a 0.4 percent gain from the previous session.
    * SHFE COPPER: The most-traded March copper contract on the
Shanghai Futures Exchange climbed 0.5 percent to 47,100
yuan ($6,955.21) a tonne.
    * BREXIT: British lawmakers defeated Prime Minister Theresa
May's Brexit divorce deal by a crushing margin on Tuesday,
triggering political chaos that could lead to a disorderly exit
from the European Union or even to a reversal of the 2016
decision to leave.
    * CHINA: China on Tuesday signalled more stimulus measures
in the near term, and aim to achieve "a good start to 2019" in
the first quarter, as a tariff war with the United States took a
heavy toll on its trade sector and raised the risk of a sharper
economic slowdown.    
    * ALUMINA: Norwegian aluminium-maker Norsk Hydro ASA
 said on Tuesday that Brazil's northern state of Para
has lifted a production embargo on its Alunorte alumina refinery
but noted that full production will not resume until a federal
court follows suit.
    * ANGLO: Anglo American has promoted a section head
it considers to have CEO potential, focusing its attention on
internal talent as it begins searching for a successor to the
man who steered the mining company through the 2015-16
commodities price slump.
    * OTHER METALS: Shanghai nickel led the gains,
rising as much as 1.5 percent to 93,100 yuan a tonne, its
highest since Dec. 3, tracking a 2.5 percent jump in London
nickel on Tuesday.
    * LITHIUM: Chile's nuclear watchdog CCHEN is considering an
investigation into potential fraud after an audit found that the
agency for decades failed to properly record exports of
ultralight battery metal lithium, documents obtained by Reuters
show.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares took a breather on Wednesday after rallying
the previous day on Chinese stimulus hopes, with investors
assessing Brexit options after British lawmakers trounced Prime
Minister Theresa May's deal to pull out Britain from the
European Union.    
        
    PRICES    
 BASE METALS PRICES                       0142 GMT
 Three month LME copper                       5923
 Most active ShFE copper                     47090
 Three month LME aluminium                  1857.5
 Most active ShFE aluminium                  13355
 Three month LME zinc                         2474
 Most active ShFE zinc                       20570
 Three month LME lead                         1974
 Most active ShFE lead                       17500
 Three month LME nickel                      11620
 Most active ShFE nickel                     92970
 Three month LME tin                         20670
 Most active ShFE tin                       148470
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER              LMESHFCUc3    515.69
 LME/SHFE ALUMINIUM           LMESHFALc3  -1267.93
                                          
 LME/SHFE ZINC                LMESHFZNc3    482.51
 LME/SHFE LEAD                LMESHFPBc3   1201.51
 LME/SHFE NICKEL              LMESHFNIc3   3675.49
                                          
 
    ($1 = 6.7719 Chinese yuan)

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