BEIJING, Jan 23 (Reuters) - Copper prices continued to climb
on Tuesday amid a persistent weak dollar, even as official data
showed top producer China churned out a record volume of refined
copper in December.
FUNDAMENTALS
* LME COPPER: Three-month copper on the London Metal
Exchange rose 0.3 percent to $7,090 a tonne by 0153 GMT,
extending its 0.4 percent gain in the previous session and on
course for its highest close in a week.
* SHFE COPPER: The most-traded March copper contract on the
Shanghai Futures Exchange rose 0.2 percent to 53,700
yuan ($8,397.19) a tonne.
* USD: The dollar index fell 0.1 percent, with the
currency remaining near three-year lows after a short-lived
rally following the deal to re-open the U.S. government. A weak
dollar makes metals cheaper for holders of other currencies and
supports prices.
* CHINA: China's refined copper output jumped by 16.7
percent year-on-year to a record high in December, as smelters
looked to churn out as much metal as possible ahead of a fall in
treatment charges for copper concentrate.
* GERMANY: Aurubis AG, Europe's biggest copper
smelter, said on Monday it had agreed to take full control of
German copper wire and rod maker Deutsche Giessdraht by
acquiring the 40 percent stake held by Chile's Codelco.
* MONGOLIA: Global miner Rio Tinto, will
set up a new office in the Mongolian capital, separate from its
giant Oyu Tolgoi project, to focus on exploration and local
ties, strengthening its commitment to one of the world's
greatest copper prospects.
* CRYPTOCURRENCIES: Swiss-based commodities fund Tiberius
Group plans to make a foray into cryptocurrencies with the
launch of what may be the first digital money underpinned by
physically deliverable metals including industrials such as
aluminium and copper.
* ALUMINIUM: China's central Henan province churned out more
aluminium than neighbouring Shandong for the first time in
years, becoming the nation's top-producing region, data showed
on Monday.
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MARKETS NEWS
* Asian stocks advanced on Tuesday after U.S. senators' deal
to end a three-day government shutdown sent Wall Street's main
indexes to record highs and kept the dollar well supported.
DATA AHEAD (GMT)
1000 Germany ZEW economic sentiment Jan
1500 U.S. Richmond Fed composite index Jan
1500 Euro zone Consumer confidence flash
PRICES
BASE METALS PRICES 0153 GMT
Three month LME copper 7090
Most active ShFE copper 53700
Three month LME aluminium 2240.5
Most active ShFE aluminium 14670
Three month LME zinc 3413
Most active ShFE zinc 26075
Three month LME lead 2610
Most active ShFE lead 19525
Three month LME nickel 12715
Most active ShFE nickel 98090
Three month LME tin 20700
Most active ShFE tin 146420
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 839.31
LME/SHFE ALUMINIUM LMESHFALc3 -1979.58
LME/SHFE ZINC LMESHFZNc3 239.82
LME/SHFE LEAD LMESHFPBc3 -612.05
LME/SHFE NICKEL LMESHFNIc3 1968.13
($1 = 6.3950 Chinese yuan)
(Reporting by Tom Daly; Editing by Gopakumar Warrier)
Our Standards: The Thomson Reuters Trust Principles.