March 28, 2019 / 2:26 AM / 3 months ago

METALS-Copper slips on stronger dollar, eyes trade talks

    BEIJING, March 28 (Reuters) - London copper prices edged
lower in early Asian trade on Thursday as the dollar
strengthened, while investors awaited news from U.S.-China trade
talks restarting in Beijing. 
    A strong greenback makes dollar-denominated metals more
expensive for holders of other currencies and weighs on prices.
        
    FUNDAMENTALS
    * COPPER: Three-month copper on the London Metal Exchange
 fell 0.2 percent to $6,321.50 a tonne by 0204 GMT, after
eking out a 0.1 percent gain in the previous session. The
most-traded May copper contract on the Shanghai Futures Exchange
 was down 0.1 percent at 48,330 yuan ($7,172) a tonne.
    * TC/RCs: The 10-member China Smelters Purchase Team (CSPT)
will meet in Shanghai on Thursday to determine floor treatment
and refining charges (TC/RCs) for copper concentrate in the
second quarter.
    * COPPER: CSPT member Jiangxi Copper Co,
 said on Wednesday 2018 net profit rose 52.4 percent
year on year as a hedging gain boosted its bottom line in a poor
year for copper prices.
    * USD: The dollar rose on Thursday as many of its
peers weakened after more central banks opted to shift to a
dovish policy stance in the wake of deteriorating economic
prospects.
    * OTHER METALS: Shanghai zinc rose as much as 1.4
percent to 22,615 yuan a tonne, extending the one-year high it
hit on Wednesday as LME zinc stocks MZN-STX fell to just
55,225 tonnes. In London, zinc, nickel and
aluminium were all down 0.6 percent, while lead
nudged up 0.5 percent.
    * NICKEL: Indonesia's nickel-related industries such as the
production of stainless steel and battery materials are set to
surpass the value of its second-biggest export earner, palm oil,
in the next 10 to 15 years, its investment board chief said on
Wednesday.
    * VALE: Brazilian iron ore miner Vale on Wednesday announced
a series of writedowns and provisions related to the Brumadinho
tailings dam collapse that killed some 300 people two months
ago, saying there would be an affect on future results.

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    MARKETS NEWS    
    * Asian share markets were painted red as recession concerns
sent bond yields spiralling lower across the globe,
overshadowing central bank attempts to calm frayed nerves.
    
        
    PRICES    
 BASE METALS PRICES                        0203 GMT
 Three month LME copper                      6317.5
 Most active ShFE copper                      48340
 Three month LME aluminium                     1899
 Most active ShFE aluminium                   13700
 Three month LME zinc                          2870
 Most active ShFE zinc                        22505
 Three month LME lead                        2017.5
 Most active ShFE lead                        16800
 Three month LME nickel                       12990
 Most active ShFE nickel                     100780
 Three month LME tin                          21285
 Most active ShFE tin                        146450
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER               LMESHFCUc3   -986.97
 LME/SHFE ALUMINIUM            LMESHFALc3  -1100.58
                                           
 LME/SHFE ZINC                 LMESHFZNc3   -571.07
 LME/SHFE LEAD                 LMESHFPBc3    589.91
 LME/SHFE NICKEL               LMESHFNIc3  -3042.56
                                           
 
    
    


($1 = 6.7383 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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