March 12, 2019 / 2:35 AM / 11 days ago

METALS-London metal prices rise on weaker dollar, Brexit boost

    BEIJING, March 12 (Reuters) - London base metal prices rose
across the board in early Asian trade on Tuesday, supported by a
weaker dollar and tracking stock markets higher after the
European Commission agreed to changes in a Brexit deal.

    A softer greenback makes dollar-denominated metals cheaper
for holders of other currencies and can boost prices.
        
    FUNDAMENTALS
    * COPPER: Three-month copper on the London Metal Exchange
 had climbed 0.4 percent to $6,434.50 a tonne by 0216
GMT, extending a 0.2-percent gain from the previous session. The
most-traded May copper contract on the Shanghai Futures Exchange
 added 0.5 percent to 49,250 yuan ($7,334.98) a tonne. 
    * COPPER: Production at Chinese miner MMG Ltd's
Las Bambas copper deposit in Peru could fall "in the near-term"
due to a month-long road blockade by a community that was
relocated to build the mine, the company said.
    * TRADE: Chinese Vice Premier Liu He held a telephone call
on Tuesday with U.S. Treasury Secretary Steven Mnuchin and U.S.
Trade Representative Robert Lighthizer on key issues in their
trade talks, state news agency Xinhua said.
    * U.S. DOLLAR: The dollar index fell almost 0.2
percent to 97.056 on a modest improvement in risk appetite.
    * CHINA: China's automobile sales fell 13.8 percent
year-on-year in February, marking the eighth consecutive month
of decline in the world's largest auto market.
    * ALUMINIUM: Queues to take aluminium out of LME-approved
warehouses owned by ISTIM UK in Port Klang, Malaysia rose to 229
days in February from 118 days in January and zero days in
December.
    * OTHER METALS: Nickel was the biggest gainer in
base metals on the LME, rising 1.2 percent to $13,050 a tonne,
while aluminium added 0.7 percent and zinc,
Monday's top performer, nudged up 0.5 percent.
    * ZINC: The global zinc market deficit narrowed to 28,000
tonnes in January from a revised deficit of 62,400 tonnes in
December, data from the International Lead and Zinc Study Group
(ILZSG) showed.
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    *  The pound jumped and Asian shares rose after the European
Commission agreed to changes in a Brexit deal ahead of a vote in
the British parliament on a divorce agreement.    
        
    DATA AHEAD (GMT)
0930      Britain          GDP Estimate Jan
0930     Britain          Manufacturing Output Jan
1200    Brazil        IPCA Inflation Index Feb
1200    India            Industrial Output Jan
1230      US               CPI MM, SA Feb

            
    PRICES    
 BASE METALS PRICES                       0211 GMT
 Three month LME copper                       6431
 Most active ShFE copper                     49240
 Three month LME aluminium                    1860
 Most active ShFE aluminium                  13495
 Three month LME zinc                         2749
 Most active ShFE zinc                       21425
 Three month LME lead                         2082
 Most active ShFE lead                       17370
 Three month LME nickel                      13010
 Most active ShFE nickel                    101760
 Three month LME tin                         21070
 Most active ShFE tin                       147130
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER              LMESHFCUc3   -913.09
 LME/SHFE ALUMINIUM           LMESHFALc3   -979.26
                                          
 LME/SHFE ZINC                LMESHFZNc3    -420.6
 LME/SHFE LEAD                LMESHFPBc3    506.32
 LME/SHFE NICKEL              LMESHFNIc3   2336.36
                                          
 
($1 = 6.7144 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; Editing by Joseph Radford)
  
 
 
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