February 1, 2018 / 2:14 AM / 8 months ago

METALS-London metal prices flat, global manufacturing growth supports

    MELBOURNE, Feb 1 (Reuters) - London copper traded flat on
Thursday, supported by optimism over the outlook for global
manufacturing but pressured by expectations that demand could
tail off ahead of the Lunar New Year in mid-February. 
    
    FUNDAMENTALS
    * LONDON COPPER: London Metal Exchange copper was
trading little changed at $7,122 a tonne by 0149 GMT, after
losses in the previous session.
    * SHANGHAI COPPER: Shanghai Futures Exchange copper
edged down 0.1 percent to 53,070 yuan ($8,439.89) a tonne.
    * CHINA DEMAND: Growth in China's manufacturing sector
remained elevated in January, a private business survey showed
on Thursday, as new business led factories to raise output at
the start of the year.
    The Caixin/Markit Manufacturing Purchasing Managers' Index
(PMI) was steady in January at 51.5, matching December's
reading, which was the highest in four months and above the
50-point mark that separates growth from contraction.

    * JAPAN DEMAND: Japanese manufacturing activity expanded at
the fastest pace in almost four years in January, a survey
showed on Thursday, with solid output and employment growth
supporting a firm recovery in the world's third-largest economy.

    * NICKEL: Nickel slipped 0.6 percent after it had
managed to claw back nearly 2 percent on Tuesday in volatile
trade over the past few weeks as traders trim positions ahead of
the Lunar New Year, and amid fluctuations in its key demand
source, China's steel markets.
    * COPPER SUPPLY: Chile produced slightly less copper in 2017
than it did the year before, the government said on Wednesday,
as output was dogged by a prolonged strike at BHP's
Escondida copper mine, the world's largest, early in the year.

    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian shares eked out modest gains on Thursday, pushing
back sharp losses from earlier this week.    
        
    DATA/EVENTS    
    0145  China Caixin manufacturing PMI final Jan
    0850  France Markit manufacturing PMI Jan
    0855  Germany Markit/BME manufacturing PMI Jan 
    0900  Euro zone Markit manufacturing PMI final Jan
    1330  U.S. Weekly jobless claims
    1500  U.S. ISM manufacturing PMI Jan
    1500  U.S. Construction spending Dec    
    PRICES    
 
 BASE METALS PRICES               0136 GMT          
 Three month LME copper                         7128
 Most active ShFE copper                       53180
 Three month LME aluminium                    2211.5
 Most active ShFE                              14325
 aluminium                                  
 Three month LME zinc                         3526.5
 Most active ShFE zinc                         26730
 Three month LME lead                           2634
 Most active ShFE lead                         19480
 Three month LME nickel                        13515
 Most active ShFE nickel                      102390
 Three month LME tin                           21635
 Most active ShFE tin                         149340
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER            LMESHFCUc3        893.51
 LME/SHFE ALUMINIUM         LMESHFALc3       -1847.3
 LME/SHFE ZINC              LMESHFZNc3        429.57
 LME/SHFE LEAD              LMESHFPBc3       -521.06
 LME/SHFE NICKEL            LMESHFNIc3       1763.87
 

($1 = 6.2880 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; Editing by Joseph Radford)
  
 
 
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