November 30, 2017 / 2:34 AM / in 13 days

METALS-Base metals sour despite better-than-expected China PMI

    MELBOURNE, Nov 30 (Reuters) - Base metals sagged on Thursday
in line with a retreat in Asian stocks, shrugging off
encouraging manufacturing reports from China and Japan as
investors locked in profits ahead of year end. 
    
    FUNDAMENTALS
    * COPPER: London Metal Exchange copper was down 0.3
percent at $6,737 a tonne, as of 0210 GMT. Earlier in the
session, it hit $6730.50 a tonne, the weakest since Nov. 17. 
    Shanghai Futures Exchange copper slipped 1.2
percent to 52,530 yuan ($7,951.02) a tonne. 
    * CHINA PMI: Growth in China's manufacturing sector
unexpectedly picked up in November, despite a crackdown on air
pollution and a cooling property market that have been widely
expected to weigh on the world's second-largest economy. 

    The official Purchasing Managers' Index (PMI) released on
Thursday stood at 51.8 in November, compared with 51.6 in
October, and comfortably above the 50-point mark that separates
growth from contraction on a monthly basis.
    * JAPAN ECONOMY: Japan's industrial output rose less than
expected in October, but companies forecast production to rise
strongly in November and December as robust overseas demand
continues to support factory activity and broader economic
growth.
    * STRIKES: Workers at Southern Copper Corp in Peru
said they completed a ninth day of an indefinite strike on
Wednesday, following a failed negotiation attempt with the
company.
    * ZAMBIA: Following the sharp rise in copper prices this
year Zambia's state-controlled firm ZCCM Investments Holdings
 wants to increase its stakes in the country's mines
and also expects higher dividend payments, its chief executive
said on Wednesday.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares fell on Thursday, weighed down by a plunge in
high-flying technology shares, a move that some see as a healthy
correction after a strong rally but others believe may herald
the peak of a "super cycle" that has been boosting the sector.  
    
        
    DATA/EVENTS    
    0700  Germany Retail sales Oct
    0745  France  Producer prices Oct
    0900  Germany Unemployment rate Nov
    1000  Euro zone Inflation Nov
    1000  Euro zone Unemployment rate Nov      
    1330  U.S. Weekly jobless claims
    1330  U.S. Personal income Oct
    1445  U.S. Chicago PMI Nov
    
    
 BASE METALS PRICES                   0147 GMT          
 Three month LME copper                             6753
 Most active ShFE copper                           52690
 Three month LME aluminium                          2054
 Most active ShFE aluminium                        14505
 Three month LME zinc                               3131
 Most active ShFE zinc                             24760
 Three month LME lead                             2434.5
 Most active ShFE lead                             18220
 Three month LME nickel                            11370
 Most active ShFE nickel                           91650
 Three month LME tin                                   0
 Most active ShFE tin                             142370
                                                        
 BASE METALS ARBITRAGE                                  
 LME/SHFE COPPER                 LMESHFCUc3        583.7
 LME/SHFE ALUMINIUM              LMESHFALc3     -1243.06
 LME/SHFE ZINC                   LMESHFZNc3       212.66
 LME/SHFE LEAD                   LMESHFPBc3     -1132.72
 LME/SHFE NICKEL                 LMESHFNIc3      2561.72
 

($1 = 6.6067 Chinese yuan)

    
 (Reporting by Melanie Burton; Editing by Sherry Jacob-Phillips)
  
 
 

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