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METALS-London copper near 2-week low on U.S. rate rise expectations
2017年5月4日 / 凌晨2点50分 / 7 个月前

METALS-London copper near 2-week low on U.S. rate rise expectations

    MELBOURNE, May 4 (Reuters) - London copper fell on Thursday
after a big build-up in exchange stocks and as traders priced in
two U.S. interest rate rises expected this year that could curb
interest in dollar-denominated metals. 
    
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange edged down 0.2 percent to $5,589 a tonne by
0243 GMT, having earlier hit $5,567 a tonne, the weakest since
April 20. Prices extended losses from the previous session when
they recorded the biggest one day drop in 18 months.    
    * LME STOCKS: LME copper stocks surged by 31,250 tonnes, the
most recent data showed, dousing concerns over falling supply.
<0#MCUSTX-LOC-GRD>
    * SHFE COPPER: Shanghai Futures Exchange copper
fell 2.6 percent to 45,460 yuan  ($6,591) a tonne.
    * U.S. RATES: The U.S. Federal Reserve kept interest rates
unchanged on Wednesday and downplayed weak first-quarter
economic growth while emphasising the strength of the labour
market, in a sign it was still on track for two more rate rises
this year.
    * CHINA FOREX: China will step up its crackdown on illegal
foreign exchange deals this year as authorities boost
authenticity and compliance checks on trade and investment, its
forex regulator said on Wednesday.
    * EUROZONE ECONOMY: The euro zone economy started the year
with robust growth that outstripped that of the United States
and set the stage for a strong 2017, preliminary estimates
showed on Wednesday.
    * BHP: Australia warned on Thursday that a push by activist
investor Elliott Management to ditch global miner BHP Billiton's
 dual listing may be a criminal offence and could lead to
civil penalties.
    * COPPER: Southern Copper Corp on Wednesday
reported net income of $314.4 million for the first quarter, up
70 percent from $185.1 million a year earlier and 82 percent
above the $172 million posted in the fourth quarter of 2016.

    * COPPER: Copper output in Democratic Republic of Congo,
Africa's top producer, hit 274,316 tonnes in the first quarter
of 2017, a more than 20 percent increase over the same period
last year, the central bank said on Wednesday.
    * GLENCORE: Mining-trading group Glencore Plc has
hired the Bank of Nova Scotia to sell a portfolio of
royalty assets, including one for the Antamina copper-zinc mine
in Peru, four people familiar with the process have told
Reuters.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks retreated on Thursday, taking their cues from
a subdued session on Wall Street, while the dollar retained
gains made after the Federal Reserve delivered a hawkish policy
statement.    
        
    DATA/EVENTS    
    0750  France Markit services PMI Apr 
    0755  Germany  Markit services PMI Apr 
    0800  Euro zone Markit services PMI final Apr 
    0900  Euro zone Retail sales Mar 
    1230  U.S. International trade  Mar 
    1230  U.S. Weekly jobless claims 
    1400  U.S. Factory orders Mar     
    
 BASE METALS PRICES                 0043 GMT           
 Three month LME copper                            5589
 Most active ShFE copper                          45440
 Three month LME aluminium                         1918
 Most active ShFE aluminium                       13905
 Three month LME zinc                              2579
 Most active ShFE zinc                            21550
 Three month LME lead                              2193
 Most active ShFE lead                            16120
 Three month LME nickel                            9250
 Most active ShFE nickel                          77820
 Three month LME tin                              19840
 Most active ShFE tin                            141730
                                                       
 BASE METALS ARBITRAGE                                 
 LME/SHFE COPPER                  LMESHFCUc3     442.38
 LME/SHFE ALUMINIUM               LMESHFALc3   -1425.08
                                              
 LME/SHFE ZINC                    LMESHFZNc3     186.43
 LME/SHFE LEAD                    LMESHFPBc3   -2039.97
 LME/SHFE NICKEL                  LMESHFNIc3    2007.68
                                              
 
($1 = 6.8970 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; Editing by Kenneth Maxwell)
  
 
 

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