March 8, 2018 / 3:29 AM / 6 months ago

METALS-Tariff-linked metals revive on hopes of partial exemptions

    MELBOURNE, March 8 (Reuters) - Metals at risk of a tariff on
U.S. imports largely recovered from steep falls on Thursday
after an official said certain key partners could be exempt from
duties allaying concerns over demand. 
    
    FUNDAMENTALS
    * TARIFFS: Concerns that the U.S. could slap down import
tariffs on steel, impacting zinc, used in galvanised steel and
nickel, used in stainless steel, as well as aluminium have
dragged those metals in the past week.
    * TRUMP: U.S. President Donald Trump plans to offer Canada
and Mexico a 30-day exemption from planned tariffs on steel and
aluminium imports, which could be extended based on progress in
NAFTA talks, a White House official said on Wednesday night. 

    * PRICES: Prices of aluminium and zinc that
were sold down on Wednesday recovered by more than half a
percent. LME nickel slipped half a percent, having
fallen less severely in the previous session. 
    * COPPER: London Metal Exchange copper traded flat
at $6,947 a tonne by 0254 GMT, after falling 0.8 percent in the
previous session. Shanghai Futures Exchange copper
traded down 0.6 percent at 52,370 yuan ($8,275) a tonne. 
    * JAPAN ECONOMY: Japan's economy expanded more than
initially estimated in October-December due to an upward
revision of capital expenditure and inventory data, confirming
an eighth consecutive quarter of growth.
    * DRC: Democratic Republic of Congo President Joseph Kabila
will soon sign into law a new mining code, the government and
the country's mining companies said on Wednesday. The code has
been vigorously opposed by the miners.
    * ERG: Debt-laden Kazakh miner Eurasian Resources Group
(ERG) has revived efforts to sell its Frontier copper mine in
Democratic Republic of Congo (DRC) despite a drop in valuation
to about $400 million, two banking sources said.
    * U.S. ECONOMY: When Donald Trump became president last year
he vowed to make American manufacturing giants, such as
Harley-Davidson and Caterpillar great again. But
a year later, the two companies stand to take a hit from his
policies. 
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    *  Asian shares found relief on Thursday as fears about a
global trade war amid U.S. President Donald Trump's push to
introduce protectionist tariffs were tempered by signs the move
could include carve-outs for key partners.    
        
    DATA/EVENT AHEAD (GMT)
    * China Trade data Feb
    1245 European Central Bank interest rate announcement
followed by press briefing by ECB President Mario Draghi
    1330  U.S. Weekly jobless claims    
        
    * No exact timing     
 BASE METALS PRICES                        0215 GMT          
 Three month LME copper                                6946.5
 Most active ShFE copper                                52350
 Three month LME aluminium                               2103
 Most active ShFE aluminium                             14190
 Three month LME zinc                                    3280
 Most active ShFE zinc                                  25280
 Three month LME lead                                  2396.5
 Most active ShFE lead                                  18560
 Three month LME nickel                                 13515
 Most active ShFE nickel                               102800
 Three month LME tin                                    21390
 Most active ShFE tin                                  146280
                                                             
 BASE METALS ARBITRAGE                                       
 LME/SHFE COPPER                     LMESHFCUc3       1096.55
 LME/SHFE ALUMINIUM                  LMESHFALc3      -1269.12
 LME/SHFE ZINC                       LMESHFZNc3        632.36
 LME/SHFE LEAD                       LMESHFPBc3        145.86
 LME/SHFE NICKEL                     LMESHFNIc3       1496.61
 

($1 = 6.3287 Chinese yuan)

    
 (Reporting by Melanie Burton, Editing by Sherry Jacob-Phillips)
  
 
 
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below