October 17, 2017 / 4:32 AM / in a year

METALS-Copper slips from 3-yr peak as dollar climbs

 (Adds detail, updates prices)
    By Melanie Burton and James Regan
    SYDNEY, Oct 17 (Reuters) - London copper slipped from
three-year highs on Tuesday as a stronger dollar encouraged
profit-taking, but renewed optimism over China's economic
outlook supported prices. 
    Metals prices could find more support if China's National
Party Congress this week unveils polices that extend the
country's industry reform to protect the environment, said
Standard Chartered in a report. 
    "Any signalling by policy makers that the rigorous
application of environmental regulations on industry and
seasonal pollution-reducing policies will be the norm over the
next five years will be a price-positive development for the
   The twice a decade National Party Congress begins on
    * LME COPPER: London Metal Exchange copper had eased
 0.7 percent to $7,083 a tonne by 0700 GMT, following its
biggest daily jump in eight months at 3.7 percent on Monday.
Prices struck $7,177 a tonne in the previous session, the
highest since July 2014.
    * SHFE COPPER: Shanghai Futures Exchange copper
advanced 1.9 percent to 55,120 yuan ($8,332) a tonne. It earlier
hit its highest since Feb 2013 at 55,910.
    * SCRAP: China may ban traders from importing scrap copper
from the start of next year, a widely read industry website
reported on Monday, as the world's top metals user deepens its
crackdown on imports of foreign waste and cuts pollution from
heavy industries.
    * SELLING: Traders noted selling from producers and CTAs.
Risk was also being cut ahead of the start of China's Congress.
    * CHINA ECONOMY: China's producer profits and copper imports
have picked up, recent data showed, even as China's economic
growth is expected to ease to 6.8 percent in the third quarter
from 6.9 percent in the previous quarter due to a cooling
property sector and the government's battle against debt risks.

    * RIO TINTO: Rio Tinto cut its mined copper
production guidance for 2017 to 460,000-480,000 tonnes from
500,000-550,000 tonnes owing to a delayed ramp-up at its Chilean
Escondida mine. 
    * ZINC: SHFE zinc slipped by 1 percent but was
still near its highest in 9-1/2 years, having peaked at 26,630
on Oct. 9. LME zinc was also within reach of
decade-highs at $3,308.75, with supply constrained by China's
crackdown on polluters in heavy industry.
    * ZINC SPREADS SLACKEN: The premium for cash zinc has
slumped in recent days, suggesting that the metal may be
delivered against short positions as the main October contract
expires this week. LME cash CMZN0-3 is at a $35 premium
against the benchmark, down from $91 on Oct. 12.
    * STOCKS: LME zinc stocks have already climbed about 20,000
tonnes since Oct. 5 to the highest since mid-July.
    * U.S. DOLLAR: Headwinds came from the dollar, which was
supported by a rise in Treasury yields following a report that
U.S. President Donald Trump was favouring a policy hawk as the
next head of the Federal Reserve.
    * JAPAN MANUFACTURING: Confidence among Japanese
manufacturers rebounded in October to match a peak last seen in
mid-2007, a Reuters poll found, further evidence that the
economic recovery is gathering momentum helped by a weak yen and
strong overseas demand.     
    * COMING UP: U.S. Industrial production for September at
1315 GMT
    * For the top stories in metals and other news, click       
 BASE METALS PRICES              0700 gmt         
 Three month LME copper                     7079.5
 Most active ShFE copper                     55120
 Three month LME aluminium                    2137
 Most active ShFE                            16350
 Three month LME zinc                         3155
 Most active ShFE zinc                       25560
 Three month LME lead                       2520.5
 Most active ShFE lead                       20085
 Three month LME nickel                      11665
 Most active ShFE nickel                     93410
 Three month LME tin                         20655
 Most active ShFE tin                       147080
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER            LMESHFCUc3      501.02
 LME/SHFE ALUMINIUM         LMESHFALc3       -99.9
 LME/SHFE ZINC              LMESHFZNc3      614.06
 LME/SHFE LEAD              LMESHFPBc3     -171.47
 LME/SHFE NICKEL            LMESHFNIc3     2386.34
($1 = 6.6154 Chinese yuan renminbi)

 (Reporting by James Regan and Melanie Burton; Editing by Biju
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