January 26, 2018 / 2:31 AM / a year ago

METALS-Base metals slip from multi-year peaks after Trump talks up dollar

    BEIJING, Jan 26 (Reuters) - Base metal prices edged down
from near multi-year peaks on Friday after U.S. President Donald
Trump backed a stronger dollar, prompting the currency to trade
above its recent lows against major rivals.
    A stronger dollar makes metals more expensive for holders of
other currencies.
    * LME COPPER: Three-month copper on the London Metal
Exchange was down 0.4 percent at $7,111 a tonne, as of
0221 GMT, after a 0.2 percent drop in the previous session. The
metal remains on course for a rise of 1.1 percent this week.
    * INVENTORIES: On-warrant copper stocks in LME-approved
warehouses jumped by 24,825 tonnes to 253,400 tonnes on
Thursday, surging 67 percent over the past week. Headline levels
have climbed by 46 percent to 299,600 tonnes.
    * SHFE COPPER: The most-traded March copper contract on the
Shanghai Futures Exchange dipped 0.3 percent to 53,420
yuan ($8,449.19) a tonne.
    * CHILE: Chile's state-owned Codelco           , the world's
largest copper miner, said on Thursday it had received
environmental approvals for a revised plan to extend the working
life of its century-old El Teniente copper mine.
    * FREEPORT: Freeport-McMoRan Inc said it was edging
closer to a permit deal with Indonesia for its massive Grasberg
mine, but the world's second-biggest copper producer cautioned
that it has not yet struck any formal agreements.
    * NICKEL: ShFE nickel was the sole gainer in the base metals
complex in early trade on Friday, climbing 0.8 percent.
    * REUTERS POLL: Supply problems including strikes at copper
mines and pollution shutdowns at aluminium smelters will spur
deeper shortages of the metals this year, but weaker Chinese
demand may weigh on overcooked prices, a Reuters poll showed.

    * COLUMN: What does looming U.S.-China trade showdown mean
for aluminium?
    * For the top stories in metals and other news, click       
    * Asian stocks edged back from record highs on Friday but
were still poised to end the week with strong gains, while the
battered dollar won back some ground after President Donald
Trump said he wanted a strong U.S. currency.
    0745  France     Business climate Jan
    0900  Euro zone Money supply Dec
    0930  UK        Preliminary GDP Q4
    1330  U.S.      Durable goods Dec
    1330  U.S.      Advance GDP Q4
 BASE METALS PRICES                        0211 GMT
 Three month LME copper                        7115
 Most active ShFE copper                      53430
 Three month LME aluminium                     2228
 Most active ShFE aluminium                   14650
 Three month LME zinc                        3443.5
 Most active ShFE zinc                        26130
 Three month LME lead                        2591.5
 Most active ShFE lead                        19420
 Three month LME nickel                       13615
 Most active ShFE nickel                     103660
 Three month LME tin                          21225
 Most active ShFE tin                        147310
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     932.11
 LME/SHFE ALUMINIUM           LMESHFALc3   -1727.58
 LME/SHFE ZINC                LMESHFZNc3     346.86
 LME/SHFE LEAD                LMESHFPBc3    -337.75
 LME/SHFE NICKEL              LMESHFNIc3    1665.91

($1 = 6.3225 Chinese yuan)

 (Reporting by Tom Daly; Editing by Sherry Jacob-Phillips)
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