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METALS--Copper hits one week high on global growth hopes
2017年10月24日 / 上午10点30分 / 1 个月前

METALS--Copper hits one week high on global growth hopes

* LME/ShFE arb: bit.ly/2wZSAEz (Recasts, updates prices, adds details/quote; changes dateline)

By Maytaal Angel

LONDON, Oct 24 (Reuters) - Copper hit a one-week high on Tuesday while other metals also gained as the dollar dipped and investors remained upbeat about global growth prospects, though risks of a slowdown remained, especially in top consumer China.

The dollar edged down versus a currency basket while Asian shares held near recent decade highs. China stocks inched up as Beijing’s ruling Communist Party moved to the final stages of a twice-a-decade congress.

“The prevailing sentiment in copper is bullish based on this synchronised global growth backdrop we’re seeing, but when you’re close to these levels the probability of a slowdown is much higher,” said Julius Baer analyst Carsten Menke.

“We see an oversupplied copper market next year partly driven by a slowdown in China on the property and infrastructure side, and we have mine production coming back after this year’s strikes.”

*LME COPPER: Three-month copper on the London Metal Exchange rose 1.3 percent to $7,094.50 a tonne by 1009 GMT, having earlier touched a one-week high of $7,123. Copper prices breached $7,000 a tonne last week for the first time in more than three years.

* CHINA COPPER BULLS: A private coal mining investor in Shanxi province is the main actor behind a dramatic increase in bullish bets in Chinese copper futures, driving a futures brokerage to a nearly $3 billion position that has fuelled a surge in prices to 4-1/2-year highs.

* CHINA REFINED COPPER OUTPUT: Data on Monday showed China’s refined copper output was the highest since December 2014.

* ALUMINIUM PRICE: Aluminium rose 1 percent to $2,156.50.

* ALUMINIUM CONSUMPTION: China’s biggest state-run aluminium producer said consumption of the metal is set to increase by 9-10 percent this year on the back of strong downstream demand, and keep growing at a faster rate than the country’s gross domestic product (GDP) in 2018.

* ZINC: Zinc rose 1.6 percent to $3,179.50 a tonne. Data on Monday showed zinc output in China slipped 2.7 percent in September to 537,000 tonnes, highlighting worries that winter production cuts are tightening supplies.

* NICKEL PRICE: LME nickel gained 1.8 percent to $12,070 a tonne.

* NICKEL EXPORTS: Indonesia’s PT Aneka Tambang Tbk (Antam) received a recommendation from the mining ministry for an additional 1.25 million tonnes of nickel ore exports over the next 12 months.

* PHILIPPINE MINING: A Philippine government panel on Tuesday recommended lifting the ban on open-pit mining, a policy implemented this year by the previous environment minister and supported by President Rodrigo Duterte.

Additional reporting by James Regan; editing by Mark Heinrich

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