April 19, 2019 / 5:47 AM / a month ago

METALS-Shanghai copper slips in thin trade, clocks weekly rise

 (Adds closing prices, ShFE inventory data)
    BEIJING, April 19 (Reuters) - Shanghai copper drifted lower
on Friday as traders were away in Europe and parts of Asia for
the Good Friday holiday, while the London Metal Exchange was
closed.
    Copper on the Shanghai Futures Exchange (ShFE) saw
only 100,934 lots change hands, less than two-thirds of the
30-day average trading volume. It closed down 0.4 percent on
49,530 yuan ($7,388.02) a tonne but still ended the week up 0.4
percent after positive macro data from top metals consumer
China, whose first-quarter GDP growth beat expectations.
    Nickel, used to make stainless steel, was the worst
performer in the complex, closing down 1.1 percent at 99,230
yuan a tonne, its lowest close since Feb. 19. The metal lost 2.1
percent this week, after falling 2.2 percent last week.
    The pace of new ferro-nickel capacity coming into the market
has increased, Industrial Securities said in a note.
    "Downstream, stainless steel stocks are higher and demand
remains weak. On the whole, nickel prices will continue to be
under pressure as macro optimism subsides," the brokerage added.
         
    FUNDAMENTALS
    * CHINA: China's refined copper output came in at 705,000
tonnes in March, according to data published by the National
Bureau of Statistics. The bureau said the number was up 10.2
percent year-on-year but it is the lowest monthly total in
records on the bureau's website since June 2016. 
    * COPPER: Chile's Cochilco state copper commission 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 premiums 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 closed up 0.2 percent
at 14,080 yuan a tonne for a third straight daily climb,
supported by environmental inspections in China's key smelting
region of Shandong. It ended the week up 1.4 percent in its best
week since the week ended Feb. 22. 
    * WAREHOUSING: The LME is poised to deal with a loophole in
its warehousing rules, exposed after commodity trader Glencore
 bought large amounts of aluminium earlier this year,
sources familiar with the matter said.
    * ZINC: ShFE zinc recorded a 3.6 percent weekly
fall, after zinc shed 5.5 percent in London this week,
its biggest weekly drop since August, driven by a recovery in
inventories.    
    * STOCKS: Copper inventories in warehouses monitored by the
ShFE CU-STX-SGH fell 3.4 percent from the previous week, the
exchange said on Friday. Zinc stocks fell 12.6 percent.
    
    
    PRICES       
 BASE METALS PRICES                         0745 GMT
 Most active ShFE copper                       49520
 Most active ShFE aluminium                    14075
 Most active ShFE zinc                         21640
 Most active ShFE lead                         16495
 Most active ShFE nickel                       99220
 Most active ShFE tin                         148590
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER               LMESHFCU       -73.77
                               c3        
 LME/SHFE ALUMINIUM            LMESHFAL       -97.93
                               c3        
 LME/SHFE ZINC                 LMESHFZN       -23.73
                               c3        
 LME/SHFE LEAD                 LMESHFPB      1367.83
                               c3        
 LME/SHFE NICKEL               LMESHFNI       954.42
                               c3        
 
 ($1 = 6.7041 Chinese yuan)

    
 (Reporting by Tom Daly; Editing by Shreejay Sinha and Gopakumar
Warrier)
  
 
 
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