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METALS-London copper mired near 2017 trough on ample China stocks
April 20, 2017 / 3:09 AM / 7 months ago

METALS-London copper mired near 2017 trough on ample China stocks

 (Adds comment, detail, updates prices)
    By Melanie Burton
    MELBOURNE, April 20 (Reuters) - London copper rose on
Thursday but was mired near its lowest for the year after
China's refined production surged in March, underlining ample
stocks in the world's biggest metals consumer. 
    China's refined copper output rose 8.5 percent in March from
a year ago to its highest since at least December 2015.
    "The emergence of opportunistic buying should see the recent
selloff in metal markets come to an end," ANZ said in a report. 
    
    * LME COPPER: Three-month copper on the London Metal
Exchange was up 0.5 percent at $5,585 a tonne by 0252
GMT, after closing slightly lower in the previous session when
prices hit the weakest since early January at $5,530 a tonne. 
    * SHFE COPPER: Shanghai Futures Exchange copper
slipped by 0.4 percent to 45,460 yuan ($6,602) a tonne.
    * CHINA OUTPUT: China's refined copper output rose 8.5
percent in March from a year ago to 764,000 tonnes, its highest
since at least December 2015, while aluminium and iron ore
output levels were the lowest in months, according to the
National Statistics Bureau.
    * NICKEL: Short-dated nickel contracts have surged this
week, reflecting a lack of immediately available supply. Nickel
for tomorrow next day (tom/next) delivery traded as high as $10
this week and $7.50 last, the highest since December CMNIT-O.
    * U.S. PROPERTY: U.S. mortgage application activity fell
last week despite a decline in borrowing costs on 30-year home
loans to their lowest levels in nearly five months, Mortgage
Bankers Association data released on Wednesday showed.

    * JAPAN ECONOMY: Confidence among Japanese manufacturers has
risen for an eighth straight month to a level not seen since
before the 2008 global financial crisis, a Reuters survey found,
reflecting output and export gains led by overseas economic
recovery. 
    * INVESTORS: Total global commodity assets under management
(AUM) fell to $277 billion in March from $282 billion the month
before, Barclays said in a note.
   * RIO TINTO: Rio Tinto cut its copper
guidance to 500,000-550,000 tonnes from as much as 665,000
tonnes as a result of a strike at the Escondida mine in Chile
and the curtailment of production at the Grasberg mine in
Indonesia.
    MARKETS: Asian stocks may slip for a second consecutive day
on Thursday as a weak Wall Street and declining commodity
prices, especially for oil, prompted investors to trim their
exposure to risky assets.    
    PRICES    
    
 BASE METALS PRICES                0249 GMT            
 Three month LME copper                            5583
 Most active ShFE copper                          45330
 Three month LME aluminium                         1914
 Most active ShFE aluminium                       14160
 Three month LME zinc                            2545.5
 Most active ShFE zinc                            21120
 Three month LME lead                            2140.5
 Most active ShFE lead                            16000
 Three month LME nickel                            9410
 Most active ShFE nickel                          78760
 Three month LME tin                              19720
 Most active ShFE tin                            140480
                                                       
 BASE METALS ARBITRAGE                                 
 LME/SHFE COPPER              LMESHFCUc3         374.89
 LME/SHFE ALUMINIUM           LMESHFALc3       -1172.89
 LME/SHFE ZINC                LMESHFZNc3         206.19
 LME/SHFE LEAD                LMESHFPBc3       -1741.81
 LME/SHFE NICKEL              LMESHFNIc3        1703.77
 
($1 = 6.8860 Chinese yuan)

    
 (Reporting by Melanie Burton; Editing by Amrutha Gayathri and
Subhranshu Sahu)
  
 
 

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