February 21, 2019 / 2:21 AM / a month ago

METALS-Copper eases from 7-month peak as dollar firms on Fed minutes

    BEIJING, Feb 21 (Reuters) - London copper prices eased in
early Asian trade on Thursday, retreating from a seven-month
peak hit in the previous session, as the dollar firmed after the
Federal Reserve revived expectations for a possible U.S. rate
hike this year.
    A stronger greenback makes dollar-denominated metals more
expensive for holders of other currencies and can weigh on
prices.        
        
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange was down 0.5 percent at $6,370.50 a tonne, as
of 0159 GMT. It closed 1.4 percent higher at $6,405, its highest
since July 10, amid tightening stocks on Wednesday.
    * SHFE COPPER: The most-traded April copper contract on the
Shanghai Futures Exchange added 0.3 percent to 49,740
yuan ($7,398.59) a tonne. 
    * FED: The U.S. Federal Reserve, in the minutes of its
latest meeting in January, said the U.S. economy and its labour
market remained strong, prompting some expectations of at least
one more interest rate hike this year. 
    * USD: The dollar index edged up 0.1 percent to
96.579.
    * COPPER: Intense rains at the start of this month in Chile,
the world's top copper miner, likely hurt productivity at
state-owned miner Codelco's Chuquicamata and Radomiro Tomic
mines, the country's mining minister said Tuesday.
    * OTHER METALS: London nickel, zinc and lead
 were all down just over half-a-percent, while aluminium
 and tin eked out 0.1 percent gains.     
    * GLENCORE: Weaker cobalt prices dented earnings at
Glencore's trading division last year, but strength in
other commodities helped the company to post an 8 percent jump
in core profit and announce a share buyback programme worth up
to $3 billion.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares held near 4-1/2-month highs and risk assets
got a lift from hopes of further progress in U.S.-China trade
talks.    
        
    DATA AHEAD (GMT)
*0700     Germany      CPI Final Jan
0745      France      Business Climate Mfg Feb
0745      France      CPI (EU Norm) Final Jan
0900      Euro Zone     Markit Mfg Flash PMI Feb
0900      Euro Zone     Market Serv Flash PMI Feb
0900      Euro Zone      Market Comp Flash PMI Feb
1330      U.S.          Durable Goods Dec
1330      U.S.          Initial Jobless Claims w/e Feb. 16
1445      U.S.          Markit Mfg PMI Flash Feb
1500      U.S.          Existing Home Sales Jan
*approx. time
            
        
    PRICES        
 BASE METALS PRICES                      0159 GMT
 Three month LME copper                    6368.5
 Most active ShFE copper                    49750
 Three month LME aluminium                 1870.5
 Most active ShFE aluminium                 13520
 Three month LME zinc                        2682
 Most active ShFE zinc                      21620
 Three month LME lead                        2030
 Most active ShFE lead                      16770
 Three month LME nickel                     12810
 Most active ShFE nickel                   101000
 Three month LME tin                        21270
 Most active ShFE tin                      150540
                                                 
 BASE METALS ARBITRAGE                           
 LME/SHFE COPPER             LMESHFCUc3    -81.02
 LME/SHFE ALUMINIUM          LMESHFALc3  -1094.99
                                         
 LME/SHFE ZINC               LMESHFZNc3     99.09
 LME/SHFE LEAD               LMESHFPBc3    450.11
 LME/SHFE NICKEL             LMESHFNIc3    -53.49
                                         
 
    ($1 = 6.7229 Chinese yuan)

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