February 20, 2018 / 3:10 AM / 8 months ago

METALS-LME copper prices drift on steady dollar, China holiday

    MELBOURNE, Feb 20 (Reuters) - London copper drifted lower on
Tuesday as a firm dollar dictated direction in a thinly traded
market, with holidays in top metals user China. 
    
    FUNDAMENTALS
    * COPPER: London Metal Exchange copper eased for a
second day, dropping 0.3 percent to $7,096.50 a tonne by 0240
GMT, having touched its highest in a month on Friday at $7,253.
    * OTHER METALS: Other metals were largely unchanged in
extremely light trading volumes of less than 1,000 lots. 
    * SHFE: The Shanghai Futures Exchange is closed for the
Lunar New Year, reopening on Thursday, Feb. 22.
    * U.S. DOLLAR: The dollar steadied after pulling ahead from
a three-year low against a currency basket the previous day,
though it was dogged by growing concerns a ballooning fiscal
deficit in the United States could disrupt the economy.
    * ZINC: Vedanta may accelerate expansion of its
African zinc operations to take advantage of prices that have
reached their highest levels in a decade because of a shortfall
following years of under-investment, its international zinc head
said.
    Vedanta is already bringing on new production at Gamsberg in
the Northern Cape region of South Africa, where output should
start around the middle of this year, ramping up to full
production of 250,000 tonnes annually in around a year's time.
    * LME ZINC: LME zinc last week struck $3,595.50, the
highest since July 2007, after a lack of mining investment in
the last downturn crimped supply.
    * RUSAL: Russian businessman Mikhail Prokhorov has agreed to
sell a 6 percent stake in Russian aluminium giant Rusal
 to a consortium of investors led by billionaire Viktor
Vekselberg and his partners, the consortium said on Monday.

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    MARKETS NEWS    
    * Asian stocks slipped on Tuesday, their recent recovery
stalling after European equities broke a winning streak, while
the dollar edged up to pull further away from three-year lows.
    
        
    DATA/EVENTS (GMT)    
    0700 Germany   Producer Prices Jan
    1000 Germany   ZEW Economic Sentiment Feb    
    PRICES    
   
 BASE METALS PRICES               0226 GMT        
 Three month LME copper                       7090
 Most active ShFE copper                         0
 Three month LME aluminium                  2204.5
 Most active ShFE aluminium                      0
 Three month LME zinc                         3552
 Most active ShFE zinc                           0
 Three month LME lead                         2581
 Most active ShFE lead                           0
 Three month LME nickel                      13620
 Most active ShFE nickel                         0
 Three month LME tin                         21495
    

    
 (Reporting by Melanie Burton
Editing by Joseph Radford)
  
 
 
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