February 23, 2018 / 2:41 AM / 3 months ago

METALS-London copper faces small weekly loss, demand to rise

    MELBOURNE, Feb 23 (Reuters) - London copper eased on Friday
and was headed for a small weekly drop as the dollar gained
steam this week on rising expectations of U.S. interest rate
hikes, but prospects of demand were rosy given a healthy outlook
for global economic growth.
    
    FUNDAMENTALS
    * LME: London Metal Exchange copper eased by 0.3
percent to $7,144 a tonne by 0136 GMT, after logging a small
gain in the previous session.  
    * SHFE: Shanghai Futures Exchange copper was up by
1.4 percent at 53,530 yuan ($8,434) a tonne.
   * DOLLAR: Support came from the dollar which sagged broadly
on Friday after its recovery this week faded as U.S. Treasury
yields declined from their recent peaks. A weaker dollar
supports metals by making them more affordable for buyers using
other currencies.
    * The number of Americans filing for unemployment benefits
fell to a near 45-year low last week, pointing to strong job
growth in February and solid momentum in the economy.

    * ALUMINIUM: Russian aluminium giant Rusal almost
matched forecasts with a 42 percent jump in fourth-quarter core
earnings on Friday, helped by higher aluminium prices, and said
it saw a 5 percent increase in demand this year, pushing the
market into a more than 2 million tonne deficit. 
    * LME aluminium edged up by 0.3 percent. Prices are
down around 4 percent YTD with China factories ramping up
production as pollution-linked winter curtailments expire next
month. 
    * NICKEL: LME nickel fell 0.5 percent, while SHFE
nickel rallied nearly 2 percent amid volatile trade.  
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian shares rebounded on Friday as comments from a
Federal Reserve official eased worries that the central bank
might raise rates more aggressively this year, while the
safe-haven yen held on to its gains amid heightened volatility
across markets.    
        
    DATA AHEAD (GMT)
    0700 Germany Detailed GDP Q4
    1000 Euro zone Inflation final  Jan    
    PRICES    
    
 BASE METALS PRICES             0043 GMT           
 Three month LME copper                        7144
 Most active ShFE copper                      53520
 Three month LME aluminium                     2191
 Most active ShFE aluminium                   14280
 Three month LME zinc                          3518
 Most active ShFE zinc                        26665
 Three month LME lead                        2546.5
 Most active ShFE lead                        19400
 Three month LME nickel                       13785
 Most active ShFE nickel                     104830
 Three month LME tin                          21425
 Most active ShFE tin                        147130
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER             LMESHFCUc3       715.2
 LME/SHFE ALUMINIUM          LMESHFALc3    -1873.65
 LME/SHFE ZINC               LMESHFZNc3      178.14
 LME/SHFE LEAD               LMESHFPBc3     -205.59
 LME/SHFE NICKEL             LMESHFNIc3     1468.89
 ($1 = 6.3470 Chinese yuan)

    
 (Reporting by Melanie Burton; Editing by Subhranshu Sahu)
  
 
 
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