February 15, 2018 / 7:35 AM / 8 months ago

METALS--Copper hits highest in 10 days on growth outlook, weaker dollar

 (Adds comment, detail)
    By Melanie Burton
    MELBOURNE, Feb 15 (Reuters) - London copper prices on
Thursday rose for a fourth session to their highest in 10 days,
supported by a decline in the dollar and robust prospects for
global growth. 
    
    FUNDAMENTALS
    * LONDON COPPER: In light trading, London Metal Exchange
copper had climbed 0.2 percent to $7,180.50 a tonne by
0647 GMT. It earlier hit its highest since Feb. 5 at $7,195.
Prices have gained 6.3 percent over the last four sessions.  
    * SHANGHAI COPPER: The Shanghai Futures Exchange was closed
for the Lunar New Year holiday. Markets will reopen on Thursday,
Feb. 22.
    * OTHER METALS: Other metals also rallied including LME
nickel, which hit its strongest level since May 2015 and
was trading up 1.1 percent at $14,255.
    * DOLLAR: The dollar extended its losses against the yen and
hit a fresh 15-month low on Thursday, with market participants
bracing for further near-term weakness in the U.S. currency.
    * GERMANY: Strong exports drove robust growth in Germany at
the end of last year while inflation stayed subdued in January,
adding to signs that Europe's biggest economy is on track to
extend its upswing well into 2018.
    * COPPER SUPPLY: Chilean mining company Antofagasta
received environmental approval for a major $1.1 billion revamp
of its Los Pelambres copper mine, the regional government of
Coquimbo said on Wednesday. 
    The three-stage infrastructure upgrade, unveiled in 2016,
seeks to maintain the mine's copper output at approximately
400,000 tonnes of copper annually.
    * ORDERS: Japan's core machinery orders tumbled in December
at the fastest pace in more than three years and companies
expect orders to rise only marginally in January to March,
raising concerns that recent gains in capital expenditure will
taper off. 
    * JAPAN TRADERS: Japan's trading houses are scouting for
assets as they enjoy their best profit outlook in six years,
driven by higher prices for commodities from metals and coking
coal to oil and natural gas.
    * FREEPORT: Indonesia is "still evaluating" a proposed
extension of copper concentrate exports by local unit of
Freeport McMoRan Inc, a mining ministry official said on
Thursday. Freeport's current export permit is due to expire on
Feb. 16.
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian stocks rose on Thursday after Wall Street brushed
aside strong U.S. inflation data and surged, in a move that also
saw the dollar pinned to two-week lows even as Treasury yields
jumped in anticipation of more rapid U.S. interest rate
hikes.    
        
    DATA/EVENTS    
    * COMING UP: U.S. Industrial production Jan at 1415 GMT
    
 BASE METALS PRICES                   0647 GMT            
 Three month LME copper                             7180.5
 Most active ShFE copper                                 0
 Three month LME aluminium                            2188
 Most active ShFE aluminium                              0
 Three month LME zinc                                 3575
 Most active ShFE zinc                                   0
 Three month LME lead                               2596.5
 Most active ShFE lead                                   0
 Three month LME nickel                              14255
 Most active ShFE nickel                                 0
 Three month LME tin                                 21545
 Most active ShFE tin                                    0
 
    
 (Reporting by Melanie Burton
Editing by Christian Schmollinger and Joseph Radford)
  
 
 
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