January 24, 2020 / 4:32 AM / a month ago

METALS-Copper set for biggest weekly drop in 17 months amid China virus scare

    SINGAPORE, Jan 24 (Reuters) - London copper edged higher on
Friday after the World Health Organization (WHO) said a new
coronavirus outbreak in top metals consumer China is not yet a
global emergency, but prices were set for their biggest weekly
drop in 17 months.
    Benchmark three-month copper on the London Metal Exchange
(LME)         rose 0.4% to $6,010.50 a tonne by 0400 GMT, but
was on track for its biggest weekly loss since August 2018. In
the previous session, copper prices dropped 1.9%, their sharpest
daily fall in nearly six months.
    The virus has killed 25 people in China and infected more
than 800, while non-fatal cases have been found in at least
seven other countries. The WHO on Thursday said it was not yet
recommending any broader restrictions on travel or trade.
                
    China is locking down some cities to constrain the virus,
feared to spread even faster as millions of Chinese travel
during their Lunar New Year holiday.                          
    Trading volume was thin as top copper consumer China closed
shops to celebrate the new year. The Shanghai Futures Exchange
will be closed for a week from Friday.             
    
    FUNDAMENTALS
    * ANGLO AMERICAN: Anglo American         said a drought in
Chile had weighed on its copper output in the fourth quarter of
2019, which fell 13% on-year.             
    * FERRONICKEL: Global Special Opportunities Ltd, the world's
second-biggest producer of ferronickel, aims to boost its output
by expanding its operations and possible takeovers.             
    * LEAD: The global lead market widened its surplus to 34,600
tonnes in November from a revised 1,500 tonnes in
October.            
    * OTHER PRICES: LME aluminium         was almost unchanged
at $1,794.50 a tonne, nickel         declined 0.2% to $13,325 a
tonne, lead         fell 0.3% to $,1961.50 a tonne, while zinc
        rose 0.4% to $2,353 a tonne and tin         advanced
0.5% to $17,115 a tonne.
    * For the top stories in metals and other news, click       
          or             
        
    MARKETS NEWS    
    * Asian shares held their ground as trade slowed for the
Lunar New Year, despite investor fears that a new coronavirus in
China could spread faster as millions of people would be
travelling over the week-long holiday.                
        
    DATA/EVENTS (GMT)
    0815   France   Markit Mfg, Serv, Comp Flash PMIs   Jan
    0830   Germany  Markit Mfg, Serv, Comp Flash PMIs   Jan
    0900   EU       Markit Mfg, Serv, Comp Flash PMIs   Jan
    0930   UK       Flash Composite PMI                 Jan
    0930   UK       Flash Manufacturing PMI             Jan
    0930   UK       Flash Services PMI                  Jan
    1445   US       Markit Mfg, Serv, Comp Flash PMIs   Jan
    1030   IMF Managing Director Kristalina Georgieva, British 
           Finance Minister Sajid Javid, Governor of the Bank of
           Japan Haruhiko Kuroda, German Finance Minister Olaf
           Scholz and U.S. Treasury Secretary Steven Mnuchin
           speak in Davos on the global economic outlook    
        
    PRICES    
    Three month LME copper                  
    Most active ShFE copper                  
    Three month LME aluminium               
    Most active ShFE aluminium               
    Three month LME zinc                    
    Most active ShFE zinc                    
    Three month LME lead                    
    Most active ShFE lead                    
    Three month LME nickel                 
    Most active ShFE nickel                   
    Three month LME tin                     
    Most active ShFE tin                             
    
    ARBS
                
                
                
                
                


 (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)
  
 
 
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