January 23, 2018 / 2:14 AM / 6 months ago

METALS-Copper extends gains amid persistent dollar weakness

    BEIJING, Jan 23 (Reuters) - Copper prices continued to climb
on Tuesday amid a persistent weak dollar, even as official data
showed top producer China churned out a record volume of refined
copper in December.
    
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange rose 0.3 percent to $7,090 a tonne by 0153 GMT,
extending its 0.4 percent gain in the previous session and on
course for its highest close in a week.
    * SHFE COPPER: The most-traded March copper contract on the
Shanghai Futures Exchange rose 0.2 percent to 53,700
yuan ($8,397.19) a tonne.
    * USD: The dollar index fell 0.1 percent, with the
currency remaining near three-year lows after a short-lived
rally following the deal to re-open the U.S. government. A weak
dollar makes metals cheaper for holders of other currencies and
supports prices.
    * CHINA: China's refined copper output jumped by 16.7
percent year-on-year to a record high in December, as smelters
looked to churn out as much metal as possible ahead of a fall in
treatment charges for copper concentrate.
    * GERMANY: Aurubis AG, Europe's biggest copper
smelter, said on Monday it had agreed to take full control of
German copper wire and rod maker Deutsche Giessdraht by
acquiring the 40 percent stake held by Chile's Codelco.

    * MONGOLIA: Global miner Rio Tinto, will
set up a new office in the Mongolian capital, separate from its
giant Oyu Tolgoi project, to focus on exploration and local
ties, strengthening its commitment to one of the world's
greatest copper prospects.
    * CRYPTOCURRENCIES: Swiss-based commodities fund Tiberius
Group plans to make a foray into cryptocurrencies with the
launch of what may be the first digital money underpinned by
physically deliverable metals including industrials such as
aluminium and copper.
    * ALUMINIUM: China's central Henan province churned out more
aluminium than neighbouring Shandong for the first time in
years, becoming the nation's top-producing region, data showed
on Monday.
        
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    MARKETS NEWS    
    * Asian stocks advanced on Tuesday after U.S. senators' deal
to end a three-day government shutdown sent Wall Street's main
indexes to record highs and kept the dollar well supported.
    
        
    DATA AHEAD (GMT)
    1000  Germany ZEW economic sentiment Jan
    1500  U.S. Richmond Fed composite index Jan
    1500  Euro zone Consumer confidence flash                   
    PRICES    
    
 BASE METALS PRICES                         0153 GMT
 Three month LME copper                         7090
 Most active ShFE copper                       53700
 Three month LME aluminium                    2240.5
 Most active ShFE aluminium                    14670
 Three month LME zinc                           3413
 Most active ShFE zinc                         26075
 Three month LME lead                           2610
 Most active ShFE lead                         19525
 Three month LME nickel                        12715
 Most active ShFE nickel                       98090
 Three month LME tin                           20700
 Most active ShFE tin                         146420
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER              LMESHFCUc3      839.31
 LME/SHFE ALUMINIUM           LMESHFALc3    -1979.58
 LME/SHFE ZINC                LMESHFZNc3      239.82
 LME/SHFE LEAD                LMESHFPBc3     -612.05
 LME/SHFE NICKEL              LMESHFNIc3     1968.13
 ($1 = 6.3950 Chinese yuan)

    
 (Reporting by Tom Daly; Editing by Gopakumar Warrier)
  
 
 
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