August 2, 2017 / 2:07 AM / 2 years ago

METALS-Metals slip as patchy US economic reports spur profit-taking

    MELBOURNE, Aug 2 (Reuters) - London metals slipped on
Wednesday on profit-taking in much of the complex following
several patchy U.S. economic reports, although otherwise solid
global growth reports and a weaker dollar underpinned prices.  
    
    FUNDAMENTALS
    * Three-month copper on the London Metal Exchange
edged down 0.1 percent to $6,338 a tonne by 0952 GMT, following
a small loss in the previous session. Prices jumped into a new
range above $6,000 a tonne late last month, striking the highest
since May 2015 at $6,400 a tonne. 
    * Shanghai Futures Exchange copper slipped by half
a percent to 50,080 yuan ($7,446) a tonne.
    * A gauge of U.S. factory activity slid from a near
three-year high in July amid a slowdown in new orders and
consumer spending barely rose in the prior month, setting the
stage for a moderate economic expansion in the third quarter.
    * U.S. President Donald Trump is close to a decision on how
to respond to what he considers China's unfair trade practices,
a senior Trump administration official said on Tuesday.
 
    * LME nickel slipped by 0.7 percent from around four
month highs struck early this week on expectations Indonesian
ore shipments could offset any losses from the Philippines,
which is in the midst of a crackdown on mining pollution. 
    * Indonesia's energy and mining ministry has recommended
that two companies be issued nickel export permits for a
combined 2 million tonnes, an official said on Tuesday.

    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian stocks paused near decade-highs on Wednesday as
investors waited to see if strong earnings results from tech
bellwether Apple would ripple out to component makers
in the region.    
        
    DATA/EVENTS    
    0900  Euro zone Producer prices Jun 
    1215  U.S. ADP national employment Jul 
    1345  U.S. ISM-New York index Jul     
    PRICES    
    
 BASE METALS PRICES                        0122 gmt          
 Three month LME copper                                  6350
 Most active ShFE copper                                50160
 Three month LME aluminium                               1912
 Most active ShFE aluminium                             14450
 Three month LME zinc                                  2771.5
 Most active ShFE zinc                                  23015
 Three month LME lead                                  2333.5
 Most active ShFE lead                                  18315
 Three month LME nickel                                 10240
 Most active ShFE nickel                                82590
 Three month LME tin                                    20500
 Most active ShFE tin                                  146290
                                                             
 BASE METALS ARBITRAGE                                       
 LME/SHFE COPPER                LMESHFCUc3             578.21
 LME/SHFE ALUMINIUM             LMESHFALc3            -387.35
 LME/SHFE ZINC                  LMESHFZNc3             714.61
 LME/SHFE LEAD                  LMESHFPBc3            -606.75
 LME/SHFE NICKEL                LMESHFNIc3            1972.95
 


($1 = 6.7259 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; Editing by Richard Pullin)
  
 
 
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