January 24, 2018 / 2:16 AM / 9 months ago

METALS-Shanghai copper sinks after LME inventory jump

    BEIJING, Jan 24 (Reuters) - Shanghai copper prices fell as
much as 2.1 percent in early trade to a six-week low on
Wednesday, tracking a sharp decline in London on Tuesday after
London Metal Exchange refined copper inventories surged. 
          
    FUNDAMENTALS
    * The most-traded March copper contract on the Shanghai
Futures Exchange was down 1.7 percent to 52,750 yuan 
($8,251.73) a tonne, as of 0214 GMT. Earlier in the session, it
hit 52,520 yuan a tonne, the lowest since Dec. 14, 2017.
    * Three-month copper on the LME gained 0.4 percent
to $6,947.50 a tonne, partly recovering from a 2.1 percent drop
to a one-month low in the previous session.
    * LME stocks: On-warrant copper stocks - metal not earmarked
for delivery from warehouses and available for investors - in
facilities certified by the LME MCUSTX-TOTAL jumped by 28
percent on Tuesday, data showed.
    * USD: The dollar index edged down 0.1 percent to a
three-year low. A weak greenback makes dollar-denominated metals
cheaper for holders of other currencies and lends support to
prices.
    * LEAD: ShFE lead continued its recent rally amid
tight lead stocks and output curbs in China on environmental
grounds, climbing 0.8 percent to 19,735 yuan a tonne.
    * CHILE: Chile's conservative President-elect Sebastian
Pinera on Tuesday named a former finance minister in the top
copper exporter, Felipe Larrain, to fill the same spot again in
his new cabinet.
    * SCRAP: China's imports of scrap copper fell 19.8 percent
in December from a year earlier, customs data showed on Tuesday,
as the country continues a clampdown on taking foreign waste. 

    * BRAZIL: Anglo American PLC said on Tuesday it
expects to receive long-awaited licenses on Friday which will
pave the way for the mining company to boost its Brazilian iron
ore production capacity by about 56 percent.
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    MARKETS NEWS    
    * Asian shares scaled record peaks on Wednesday as strong
corporate earnings and optimism on global growth outweighed
concerns over trade tensions, while a fresh burst of speculative
selling took the U.S. dollar to three-year lows.
    {MKTS/GLOB]    
        
    DATA AHEAD (GMT)
    0800  France     Markit manufacturing flash PMI Jan
    0830  Germany    Markit manufacturing flash PMI Jan
    0900  Euro zone Markit manufacturing flash PMI Jan
    1400  U.S.      Monthly home price index Nov
    1445  U.S.      Markit manufacturing flash PMI Jan
    1500  U.S.      Existing home sales    
    
    PRICES    
    
 BASE METALS PRICES                           0146 GMT
 Three month LME copper                         6947.5
 Most active ShFE copper                         52730
 Three month LME aluminium                      2226.5
 Most active ShFE aluminium                      14640
 Three month LME zinc                           3420.5
 Most active ShFE zinc                           26145
 Three month LME lead                             2617
 Most active ShFE lead                           19720
 Three month LME nickel                          12840
 Most active ShFE nickel                         99220
 Three month LME tin                             20730
 Most active ShFE tin                           146490
                                                      
 BASE METALS ARBITRAGE                                
 LME/SHFE COPPER                LMESHFCUc3      941.15
 LME/SHFE ALUMINIUM             LMESHFALc3    -1903.27
                                            
 LME/SHFE ZINC                  LMESHFZNc3       261.2
 LME/SHFE LEAD                  LMESHFPBc3     -519.33
 LME/SHFE NICKEL                LMESHFNIc3     2037.73
                                            
 
    
($1 = 6.3926 Chinese yuan)

    
 (Reporting by Tom Daly; Editing by Sherry Jacob-Phillips)
  
 
 
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