April 19, 2019 / 2:26 AM / 4 months ago

METALS-Shanghai copper drifts lower but set to end week higher

    BEIJING, April 19 (Reuters) - Shanghai copper prices drifter
lower in morning session as the Good Friday holiday saw traders
in Europe and parts of Asia sit out of the market, while the
London Metal Exchange is closed until Tuesday. 
    The metal nonetheless remains on course to end the week up
0.4 percent in Shanghai after positive macro data from top
metals consumer China, whose first-quarter GDP growth beat
expectations.
         
    FUNDAMENTALS
    * COPPER: The most-traded June copper contract on the
Shanghai Futures Exchange slipped 0.7 percent to 49,370
yuan ($7,365.14) a tonne as of 0200 GMT. London copper
had ended down 1.2 percent on Thursday after touching its
highest since July a day earlier.
    * COPPER: Chile's Cochilco state copper commission on
Thursday held its estimate for the price of copper at $3.05 per
pound, rising to $3.08 for 2020 on improving prospects for
growth in China. 
    * COPPER: However, Yangshan copper premium SMM-CUYP-CN
have fallen to $50.50 a tonne, the lowest since April 2017, in a
sign of weaker physical demand for the metal in China. 
    * ALUMINIUM: ShFE aluminium rose 0.3 percent to
14,085 yuan a tonne, trading higher for a third day. It is on
course to end the week up 1.6 percent in what would be its best
week since the week ended Feb. 22. 
    * ALUMINIUM: China Hongqiao Group, the world's
biggest aluminium producer, will this year restart some of the
smelting facilities it was forced to shut in 2017 in a capacity
replacement move, two sources with knowledge of the matter said
on Thursday.
    * OTHER METALS: ShFE nickel fell the most, tumbling
as much as 1.7 percent to 98,610 yuan a tonne, its lowest since
Feb. 19, while Shanghai zinc was down 0.4 percent. LME
zinc ended the week down 5.5 percent, its biggest weekly
drop since August.
    * COLUMN: LME storage problems writ large in tiny tin
market: Andy Home
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * A gauge of global stocks fell on Thursday after
underwhelming manufacturing surveys from Asia and Europe, though
it pared losses as Wall Street edged higher on strong U.S.
retail sales data and industrial earnings.    
       
    PRICES    
 BASE METALS PRICES                       0203 GMT
 Most active ShFE copper                     49410
 Most active ShFE aluminium                  14085
 Most active ShFE zinc                       21580
 Most active ShFE lead                       16510
 Most active ShFE nickel                     99090
 Most active ShFE tin                       147540
 ($1 = 6.7032 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; Editing by 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