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METALS-London copper, zinc recover in line with oil
September 26, 2017 / 7:25 AM / 3 months ago

METALS-London copper, zinc recover in line with oil

 (Adds comment, detail; updates prices)
    By Melanie Burton
    MELBOURNE, Sept 26 (Reuters) - London metals rose on Tuesday
amid a broader updraft for commodities after production cuts
fuelled an oil price recovery, while demand prospects also
brightened after the Asian Development Bank raised its forecast
for China's growth.
    "A generally stronger session overnight for the commodity
complex. With no key economic data expected today, the focus is
likely to remain on supply dynamics and geopolitical
developments," ANZ said in a report.
           
    FUNDAMENTALS
    * LME COPPER: London Metal Exchange copper rose 0.8
percent to $6,506 a tonne by 0715 GMT, having closed flat in the
previous session. Prices fell to the lowest since mid-August at
$6,366 a tonne on Friday. 
    * SHFE COPPER: Shanghai Futures Exchange copper
rose 1 percent to 50,640 yuan ($7,645) a tonne.
    * SHFE METALS: Shanghai zinc rallied 2.7 percent, helped by
a recovery in Shanghai rebar, which climbed 1.3
percent. 
    * CHINA GROWTH: The Asian Development Bank raised its
outlook for China's economic growth this year on the back of
strong domestic consumption, an export recovery and solid growth
in services.
    * OIL: Oil markets took a breather on Tuesday after prices
jumped more than 3 percent in the previous session, with Turkey
threatening to cut crude flows from Iraq's Kurdistan region to
the outside world.
    * BAUXITE: Bauxite mining companies have resumed normal
operations in Guinea's Boke region as local authorities try to
negotiate a definitive end to unrest that has disrupted
production for more than a week, sources familiar with the
matter said on Monday. 
    * TC/RCS: Tighter copper supply and an increase in refining
capacity in top-consumer China should result in lower treatment
and refining charges (TC/RCs) by smelters, the chief executive
of Chilean miner Antofagasta PLC told Reuters on
Monday. 
    * MINING PERMITS: Brazil will reinstate a mining ban in a
vast area of the Amazon rainforest, the government said on
Monday, in an about-face that is a victory for environmentalists
who feared deforestation.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares withered on Tuesday and the yen firmed
against the backdrop of rising tensions on the Korean Peninsula,
and as investors awaited fresh signals about the U.S. monetary
policy outlook.
    COMING UP: U.S. New home sales Aug at 1400 GMT 
     
    PRICES    
    
                                      0711 GMT        
 Three month LME copper                         6505.5
 Most active ShFE copper                         50640
 Three month LME aluminium                        2148
 Most active ShFE aluminium                      16510
 Three month LME zinc                           3126.5
 Most active ShFE zinc                           25610
 Three month LME lead                             2501
 Most active ShFE lead                           20820
 Three month LME nickel                          10585
 Most active ShFE nickel                         84520
 Three month LME tin                             20735
 Most active ShFE tin                           147180
                                                      
                                                      
 LME/SHFE COPPER             LMESHFCUc3         241.76
 LME/SHFE ALUMINIUM          LMESHFALc3         -19.26
 LME/SHFE ZINC               LMESHFZNc3         813.39
 LME/SHFE LEAD               LMESHFPBc3         215.87
 LME/SHFE NICKEL             LMESHFNIc3         1627.3
                                                     2
 
($1 = 6.6228 Chinese yuan)

    
 (Reporting by Melanie Burton; Editing by Subhranshu Sahu and
Amrutha Gayathri)
  
 
 

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