April 17, 2019 / 5:38 AM / 3 months ago

METALS-Copper prices advance on upbeat China data

 (Updates prices)
    By Mai Nguyen
    SINGAPORE, April 17 (Reuters) - Industrial metals in London
climbed on Wednesday after China released data that showed its
economy grew at a steady pace in the first quarter.
    China's economy grew at a 6.4 percent pace in the first
quarter from a year earlier, defying expectations for a further
slowdown, as industrial production jumped sharply and consumer
demand showed signs of improvement.             
    Three-month copper on the London Metal Exchange         was
up 0.6 percent at $6,536 a tonne, as of 0739 GMT, having
retreated slightly from an over two-week high of $6,545 hit
earlier in the session. Shanghai copper          edged up 0.2
percent.
    China's Wednesday data also showed a pick-up in fixed-asset
investment, which could support copper prices, while supply
could be tight this year due to a global delay in copper mines
expansion, said Victor You, an analyst at CLSA in Hong Kong.
    Fixed-asset investment expanded 6.3 percent in
January-to-March from a year earlier, in line with estimates and
picking up from the previous period.
    FUNDAMENTALS
    * ALUMINIUM: Shanghai aluminium          climbed to as high
as 13,995 yuan ($2,092.59) a tonne, its highest intra-day level
since Dec. 3, 2018, after China's National Bureau of Statistics
(NBS) released data showing daily aluminium output in March fell
3.6 percent from January and February.
    The world's top aluminium-producing country churned out 2.88
million tonnes of primary metal in March, which works out at
around 92,900 tonnes per day, its lowest rate since October,
according to Reuters calculations.             
    But You said many people do not look at the NBS aluminium
data due to its inconsistency with other estimates by the
industry. 
    * ZINC: Shanghai zinc          slipped to as low as 21,715
yuan a tonne, its lowest in three weeks, tracking a fall in
London zinc in the previous session after big zinc stocks flowed
into the London Metal Exchange (LME) warehouses.             
    The zinc contract in Shanghai ended down 2 percent at 21,785
yuan a tonne, while the benchmark zinc in London        
rebounded 0.4 percent.
    * AUSTRALIA RAILWAY: A railway that carries zinc from major
producers such as Glencore         , MMG Ltd           and South
32          across Australia's Outback is expected to reopen
this month after it was damaged in floods.             
    
    * For the top stories in metals and other news, click       
          or             
        
    PRICES    
    Three month LME copper                  
    Most active ShFE copper                  
    Three month LME aluminium               
    Most active ShFE aluminium               
    Three month LME zinc                    
    Most active ShFE zinc                    
    Three month LME lead                    
    Most active ShFE lead                    
    Three month LME nickel                 
    Most active ShFE nickel                   
    Three month LME tin                     
    Most active ShFE tin                             
    
    ARBS
                
                
                
                
                

($1 = 6.6879 Chinese yuan)

    
 (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips and
Shreejay Sinha)
  
 
 
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