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METALS-Weaker dollar lifts Shanghai copper prices
July 13, 2017 / 7:58 AM / 5 months ago

METALS-Weaker dollar lifts Shanghai copper prices

(Updates prices)

By James Regan

SYDNEY, July 13 (Reuters) - Chinese copper futures rose on Thursday, buoyed by a weaker U.S. dollar.

The dollar index against a basket of major currencies was flat at 95.577 after retreating as low as 95.511 the previous day, its weakest in 12 days.

* SHANGHAI COPPER: The most-traded copper contract on the Shanghai Futures Exchange ended 0.40 percent firmer at 47,400 yuan ($6,992.59)a tonne.

* LONDON COPPER: Three-month copper on the London Metal Exchange was 0.1 percent higher at $5,915 a tonne by 0738 GMT, extending modest gains from the previous session.

* IMPORTS: China’s imports of copper and copper products for June were unchanged with May at 390,000 tonnes, according to Reuters calculations based on official data, reflecting a decline in refined imports this year.

“It (June import figures) is slightly better than my expectations,” said analyst Chris Wu of CRU in Beijing.

“I have heard from traders there is some appetite for dollar cathodes for end of July so I would think that July imports will be slightly better because state companies have access to the second half of this year’s credit.”

* COPPER JOBS: Chilean copper mine Collahuasi, a joint venture of Anglo American and Glencore will cut 115 jobs, including executives, as part of a plan to boost efficiency amid low prices for the metal.

* ARGENTINA SUSPENSION: A federal court in Argentina has ordered the suspension of activities at Glencore Plc’s Alumbrera gold and copper mine as part of a pollution complaint, according to court documents seen by Reuters

* ZINC: ShFE zinc reversed early losses to close 0.43 higher, while LME zinc was modestly higher at $2,229 a tonne.

Zinc prices climbed to their highest in more than three months on Wednesday as the market worried about falling stocks in exchange warehouses, shortages and expectations of stronger demand from China.

* INVENTORIES: Stocks of zinc in LME warehouses, at 273,675 tonnes, are down more 35 percent since the start of the year. A tight market is being exacerbated by cancelled warrants - metal earmarked for delivery - at nearly 75 percent. MZNSTX-TOTAL

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 = 6.7865 Chinese yuan)

Reporting by James Regan; Editing by Joseph Radford and Sunil Nair

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