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METALS-London copper marks time ahead of China data
October 19, 2016 / 12:56 AM / in a year

METALS-London copper marks time ahead of China data

MELBOURNE, Oct 19 (Reuters) - London copper was holding above one-month lows on Wednesday, treading water for a third session as traders sat on the sidelines ahead of key China economic reports later in the day.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange was little changed at $4,678 a tonne by 0040 GMT, after closing steady in the past two sessions and holding above one-month lows at $4,623.25 a tonne touched on Friday.

* Shanghai Futures Exchange copper was also little changed at 37,320 yuan ($5,537) a tonne in the overnight session.

* Fueled by government spending and a housing frenzy, China’s economic growth likely steadied at 6.7 percent in the third quarter, but slumping private investment, surging debt and the risk of a property correction are keeping the government and global investors on edge.

* U.S. consumer prices recorded their biggest gain in five months in September as the cost of gasoline and rents surged, pointing to a steady pickup in inflation that could keep the Federal Reserve on track to raise interest rates in December.

* Chinese banks extended 1.22 trillion yuan ($181 billion) in new loans in September, well above expectations and capping a record nine-month lending spree despite growing concerns about the risks from the country’s ballooning debt.

* BHP Billiton on Wednesday said it was seeing signs of recovery in commodities markets but cautioned that supply was still running ahead of demand amid stronger-than-expected steel consumption in China.

* China’s new housing loans to individuals soared to 3.63 trillion yuan ($538.69 billion) in the first nine months, more than double the level for the same period last year, the central bank said on Tuesday.

* A new code to govern Brazil’s mining industry, which was first proposed in 2009 but has never made it past Congress, would create further uncertainty in the struggling sector and must be re-worked, the interim Mines and Energy minister said on Tuesday.

* The total net long position of funds trading copper on the London Metal Exchange fell to 36,019 lots last Friday from a net long position of 38,602 lots the previous week, the LME’s Commitments of Traders Report (COTR) showed on Tuesday.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares inched ahead on Wednesday after Wall Street got a lift from encouraging corporate earnings and investors wagered a coming barrage of Chinese data would confirm the economy had at least stabilised.

DATA/EVENTS

0200 China GDP Q3

0200 China Industrial output Sept

0200 China Retail sales Sept

0830 UK Jobless rate (ILO) Aug

1230 US Housing starts Sept

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

$1 = 6.7401 Chinese yuan renminbi Reporting by Melanie Burton; Editing by Joseph Radford

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