March 1, 2018 / 5:50 AM / a year ago

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

 (Changes comment, updates prices)
    BEIJING, March 1 (Reuters) - Shanghai copper prices fell for
a fourth day on Thursday, posting their lowest close in more
than two weeks, as the dollar hit a six-week high and most
global stock markets declined. 
    A stronger dollar makes metals more expensive for holders of
other currencies, weighing on prices.
    Other metals took some respite after upbeat manufacturing
data from top metals consumer China, although only aluminium and
zinc closed up in Shanghai. 
    "The metals generally feel as if speculative traders in
particular got long looking for a rush of buying after the
Chinese New Year, but with tight nearby credit and cold weather
slowing things down that buying has yet to be seen," Malcolm
Freeman, CEO of Kingdom Futures, said in a note.
    * SHFE COPPER: The most-traded copper contract on the
Shanghai Futures Exchange ended down 0.9 percent at
52,290 yuan ($8,249.33) a tonne, its lowest close since Feb. 13.
It is down 2.4 percent so far this week.
    * LME COPPER: Three-month copper on the London Metal
Exchange edged up 0.1 percent to $6,939.50 a tonne by
0714 GMT, having fallen by 1.3 percent each in the previous two 
sessions. It earlier marked $6,905, its lowest since Feb. 13. 
    * CHINA: The private Caixin/Markit Manufacturing Purchasing
Managers' Index for February beat expectations to reach its
highest in six months, a day after China's official factory
activity reading raised concerns of a sharper-than-expected
slowdown in the world's second biggest economy.
    * ALUMINIUM: China's Ministry of Industry and Information
Technology (MIIT) has pledged to strengthen its monitoring of
the price of nonferrous metals such as aluminium in order to
prevent "excessive" speculation that could distort the market.

    * 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.

    For the top stories in metals and other news, click       
    * Asian stocks were mostly lower on Thursday after Wall
Street marked its worst monthly performance in two years as
hawkish-sounding comments from new Federal Reserve Chair Jerome
Powell reverberated across the broader risk asset markets.

 BASE METALS PRICES                       0714 GMT
 Three month LME copper                     6939.5
 Most active ShFE copper                     52290
 Three month LME aluminium                    2147
 Most active ShFE aluminium                  14390
 Three month LME zinc                         3460
 Most active ShFE zinc                       26430
 Three month LME lead                         2490
 Most active ShFE lead                       19080
 Three month LME nickel                      13755
 Most active ShFE nickel                    104780
 Three month LME tin                         21615
 Most active ShFE tin                       147200
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER              LMESHFCUc3   1077.48
 LME/SHFE ALUMINIUM           LMESHFALc3  -1419.18
 LME/SHFE ZINC                LMESHFZNc3    458.24
 LME/SHFE LEAD                LMESHFPBc3      33.6
 LME/SHFE NICKEL              LMESHFNIc3   1765.68

($1 = 6.3387 Chinese yuan)

 (Reporting by Tom Daly
Editing by Joseph Radford and Subhranshu Sahu)
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