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METALS-London copper supported by China imports
July 14, 2017 / 2:46 AM / 4 months ago

METALS-London copper supported by China imports

MELBOURNE, July 14 (Reuters) - London copper was marking time on Friday at the top of its recent range, with encouraging import data from China and improved prospects for the global economy supporting prices.

FUNDAMENTALS

* London Metal Exchange copper had eased 0.1 percent to $5,869 a tonne by 0211 GMT, extending small losses from the previous session. Prices have failed at the $5,930-$5,970 band five times in the past fortnight, reflecting formidable chart-based resistance at this level. Support is seen at the 100-day moving average at $5,761 a tonne.

* Shanghai Futures Exchange copper slipped 0.6 percent to 47,030 yuan ($6,933) a tonne.

* Zinc and lead fell by around half a percent in London and by around 2 percent in Shanghai, weighed down by falls in steel prices.

* The number of Americans filing for unemployment benefits fell last week for the first time in a month and producer prices unexpectedly rose in June, likely keeping the Federal Reserve on course for a third interest rate increase this year.

* China posted stronger-than-expected June trade figures on Thursday, bolstered by firm global demand for Chinese goods and robust appetite for construction materials at home, but local curbs on lending could weigh on imports later this year.

* Workers at the Zaldivar copper mine in Chile, owned by Antofagasta Plc and Barrick Gold Corp, will resume talks with Antofagasta after voting to strike earlier this week, the union said on Thursday.

* The LME is trying revamp its digital metal storage system LMEshield, which registers material stored in non-exchange warehouses to guard against fraud, after scant uptake since it was launched over a year ago.

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

MARKETS NEWS

* Global stocks scaled record highs on Friday, with Asian equities rising for the fifth straight session, as signs the Federal Reserve will pursue a gradual rate tightening path and hopes of a strong earnings season lifted appetite for risk assets.

DATA AHEAD (GMT)

0600 Germany Final consumer prices Jun

0645 France Consumer prices (INSEE) Jun

1230 U.S. Producer prices Jun

1230 U.S. Jobless claims weekly

1000/1400 U.S. Fed Chair Janet Yellen delivers her 2nd day of semiannual monetary policy testimony before the Senate Banking Committee

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 ($1 = 6.7831 Chinese yuan renminbi)

Reporting by Melanie Burton; Editing by Joseph Radford

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