October 25, 2017 / 5:31 AM / a year ago

METALS-London copper falls as rally runs out of steam

 (Updates prices, adds comment, detail)
    BEIJING/MELBOURNE, Oct 25 (Reuters) - London copper fell
back on Wednesday, after hitting its highest in a week in the
previous session, as market participants said the recent rally
was losing its legs and a correction was due.
    The "sheer weight of selling that materialised into
$7,095-7,105 has for now taken the steam out of the rally
although dips remain supported," said Matt France, head of
institutional sales, metals, for Marex Spectron in Asia.
    The base metals complex was down across the board, mirroring
losses in the steel rebar and iron ore contracts          . 
    * LME COPPER: Three-month copper on the London Metal
Exchange         was down 0.76 percent at $6,982 a tonne, at
0727 GMT, after rising 0.5 percent in the previous session when
it touched a one-week high.  
    * SHFE COPPER: The most-traded copper contract on the
Shanghai Futures Exchange          closed down 1.28 percent on 
54,590 yuan ($8,220.27) per tonne.
    * SHFE LEAD: The most-traded SHFE lead futures contract
         closed down 2.06 percent at 19,025 per tonne. 
    * CHINA POLITICS: China's Communist Party revealed its new
top leadership helmed by President Xi Jinping on Wednesday,
breaking with recent precedent by failing to include a clear
successor among the seven-man line-up.             
    * CHINA ECONOMY: China's economy will likely grow 6.8
percent in 2017, topping the state target and accelerating for
the first time in seven years, a Reuters poll showed on Tuesday,
as Beijing walks a tightrope by containing debt and property
risks without stunting economic growth.                 
    * U.S. DOLLAR: Metals faced some headwinds from the dollar
which was close to a two-week high. The greenback gained on a
report that Stanford University economist John Taylor could be
picked to head the U.S. Federal Reserve. Taylor favors higher
interest rates. A stronger dollar makes dollar denominated
commodities more expensive for buyer paying for metals in other
    * COPPER: The copper market should see a deficit of 151,000
tonnes this year and a deficit of 104,000 tonnes in 2018, the
International Copper Study Group (ICSG) said on Tuesday. 
    * NICKEL: Nickel prices were supported after an industry
group said demand would exceed supply for a third straight year
in 2018 due to expansion in the stainless steel and batteries
    * PHILIPPINES: The Philippines' environment minister said he
was hopeful that a ban on open-pit mining would be lifted before
the end of the year.             
    * COPPER: A private coal mining industry investor in Shanxi
province is said to be the main actor behind a dramatic increase
in bullish bets in Chinese copper futures.             
    * COPPER: Anglo American Plc         reported a 5.4 percent
year-on-year rise in copper production in the third quarter.
    * NICKEL: Indonesia's PT Aneka Tambang Tbk (Antam)          
received a recommendation from the mining ministry for an
additional 1.25 million tonnes of nickel ore exports over the
next 12 months.                               
    * COMING UP: U.S. durable goods Sep at 1230 GMT
    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                             

($1 = 6.6409 Chinese yuan)

 (Reporting by Melanie Burton and Tom Daly in BEIJING; Editing
by Christian Schmollinger and Sunil Nair)
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