March 1, 2018 / 2:25 AM / 22 days ago

METALS-Shanghai copper slides for 4th day amid slump in equities

    BEIJING, March 1 (Reuters) - Shanghai copper prices fell for
a fourth day on Thursday to touch their lowest level in more
than two weeks, pushed down as the dollar strengthened and
global stock markets declined.
    A stronger greenback makes metals more expensive for holders
of other currencies, weighing on prices.   
    * SHFE COPPER: The most-traded copper contract on the
Shanghai Futures Exchange had slipped 0.7 percent to
52,380 yuan ($8,268.09) a tonne by 0150 GMT. The metal earlier
touched 52,120 yuan a tonne, its lowest since Feb. 13, before
surprisingly positive China data helped pare losses. It is down
2.2 percent so far this week.
    * CHINA: Growth in China's manufacturing sector unexpectedly
picked up to a six-month high in February as factories rushed to
replenish inventories to meet rising new orders, a private
survey showed on Thursday.
    * LME COPPER: Three-month copper on the London Metal
Exchange edged up 0.2 percent to $6,947.50 a tonne,
having fallen by 1.3 percent in both the two previous sessions.
It earlier touched $6,905, also its lowest since Feb. 13.
    * MONGOLIA: The Oyu Tolgoi copper and gold mine in
Mongolia's southern Gobi Desert will lift force majeure
effective March 1 and majority owner Turquoise Hill Resources
Ltd said on Wednesday that it expected to make up any
sales-related effects over the next few quarters.
    * VALE: Brazil's Vale, the world's no. 1 nickel
producer, plans to save well over $150 million by reducing costs
across its nickel operations, which have notched positive cash
flow for the past two months, company executives said.

    * SOUTH AFRICA: South Africa's new mining minister Gwede
Mantashe said on Wednesday he would finalise the latest version
of an industry charter which lays out requirements for black
ownership levels and other targets in the next three months.

    For the top stories in metals and other news, click       
    * Asian stocks skidded on Thursday after comments from the
Federal Reserve's new chief rekindled fears about the pace of
U.S. monetary tightening this year, sending Wall Street tumbling
for its worst performance in two years and lifting the dollar.
    0850  France    Markit manufacturing PMI Feb
    0855  Germany    Markit/BME manufacturing PMI Feb
    0900  Euro zone    Markit manufacturing PMI final Feb
    1000  Euro zone    Unemployment rate Jan
    1330  U.S.     Personal income Jan
    1330  U.S.     Weekly jobless claims
    1500  U.S.      Construction spending Jan
    1500  U.S.       ISM manufacturing PMI Feb
    1500  U.S.     Fed Chairman Jerome Powell delivers 
                    semi-annual monetary policy testimony 
                    before Senate Banking Committee
 BASE METALS PRICES                     0150 GMT
 Three month LME copper                   6947.5
 Most active ShFE copper                   52380
 Three month LME aluminium                2137.5
 Most active ShFE                          14375
 Three month LME zinc                     3464.5
 Most active ShFE zinc                     26420
 Three month LME lead                       2501
 Most active ShFE lead                     19105
 Three month LME nickel                    13680
 Most active ShFE nickel                  104140
 Three month LME tin                           0
 Most active ShFE tin                     148030
 BASE METALS ARBITRAGE                          
 LME/SHFE COPPER            LMESHFCUc3   1132.72
 LME/SHFE ALUMINIUM         LMESHFALc3  -1342.33
 LME/SHFE ZINC              LMESHFZNc3    439.85
 LME/SHFE LEAD              LMESHFPBc3      -4.3
 LME/SHFE NICKEL            LMESHFNIc3    1737.2

($1 = 6.3352 Chinese yuan renminbi)

 (Reporting by Tom Daly
Editing by Joseph Radford)
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