Reuters logo
METALS-Copper rises from two-week low as dollar retreats
2017年10月30日 / 上午11点21分 / 24 天前

METALS-Copper rises from two-week low as dollar retreats

* Copper recovers after sliding 2 pct on Friday

* Tin ends the day at 11-week low of $19,400/T

* GRAPHIC-2017 asset returns: tmsnrt.rs/2jvdmXl

* LME/ShFE arb: bit.ly/2wZSAEz (Updates with closing prices)

By Jan Harvey

LONDON, Oct 30 (Reuters) - Copper rose on Monday, pulling away from the previous session’s two-week low as a retreat in the dollar after its biggest one-week gain this year tempted buyers back to the metal.

Copper, chiefly used in construction, slid more than 2 percent on Friday to a low of $6,782.50, its weakest since Oct. 11.

“A large part of the move last week was due to strength in the dollar,” ING analyst Warren Patterson said. “Now we’re seeing a correction. The dollar is weaker, and you can see across the base metals complex that it’s a little bit firmer today.”

“Sentiment around the base metals is still fairly positive,” he added. “On Friday we got some good GDP numbers out of the United States for the third quarter, and the stronger data does support a more robust demand side for the base metals market.”

* LME COPPER: London Metal Exchange copper ended the day up 0.5 percent at $6,867 a tonne.

* LME WEEK: Volumes are expected to be muted as traders, producers and end-users gather in London for an industry-wide conference this week.

* FINANCIAL MARKETS: The dollar slipped on Monday after its biggest weekly rise this year, while world stocks hit another record high as European shares were lifted by easing concerns over the political crisis in Spain. * COPPER PRODUCTION: Glencore lowered its production forecast for copper, zinc and coal on Monday, citing operational difficulties, maintenance and end-of-mine-life declines.

* STOCKS: On-warrant copper inventories available to the market in LME-registered warehouses fell another 2,300 tonnes to 160,950 tonnes, down 30 percent from the start of October and the lowest in six weeks.

* TECHNICALS: LME copper looks neutral in the $6,787-$6,851 a tonne range, Reuters technical analyst Wang Tao said, but added that the bias could be towards the downside, as a head-and-shoulders suggests a target at $6,730.

* COPPER FUTURES: Hedge funds and money managers in the week to Oct. 24 raised their net long positions in copper by 1,026 contracts to 108,739 contracts, a six-week high, U.S. Commodity Futures Trading Commission data showed on Friday.

* TIN PRICES: Tin, which has underperformed othe baset metals throughout the year, ended at an 11-week low of $19,400 a tonne, down 2.4 percent.

* ALUMINIUM RESTARTS: Aluminium maker Norsk Hydro may restart a mothballed Norwegian production line as global metals markets tighten following a Chinese clampdown on pollution, its chief executive told Reuters.

* ALUMINIUM PRICES: LME aluminium finished the day down 0.2 percent at $2,163 a tonne, slipping further from last week’s 5-1/2 year high of $2,215.

* OTHER METALS: LME zinc closed up 1.2 percent at $3,209 a tonne after falling 1.6 percent on Friday, while lead finished 0.6 percent lower at $2,410. Nickel closed 0.8 percent higher at $11,675.

Additional reporting by Melanie Burton in Melbourne, editing by David Evans, Greg Mahlich

我们的标准:汤森路透“信任原则”
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