October 19, 2017 / 4:21 AM / 2 months ago

METALS-Copper holds steady after in-line China economic report

 (Adds comment, detail, updates prices)
    By Melanie Burton
    MELBOURNE, Oct 19 (Reuters) - London copper held steady on
Thursday after in-line economic readings out of China signalled
some moderation in growth. 
    China's economic growth looked set to accelerate for the
first time in seven years this year, after hardly skipping a
beat in the third quarter, but efforts to cut risks in property
and debt are beginning to weigh on parts of the world's
second-largest economy.
    "China's data was in line with expectations, so it's not
surprising that markets haven't reacted too much," said Dan
Hynes at ANZ in Sydney.
    Hynes said some measures of property investment had improved
from August.
    "I suspect as (investors) do dig into the detail they are
likely to be a little bit more positive."
        
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange was barely changed at $6,995 a tonne by 0716
GMT. In the previous session, it closed a tad softer just below
the $7,000 mark, having touched a three-year high on Monday.
    * SHFE COPPER: Shanghai Futures Exchange copper
ended down half a percent at 54,620 yuan ($8,249) a tonne. 
    * CHINA FACTORIES: China's industrial output rose 6.6
percent in September from a year ago, faster than expected,
while fixed-asset investment expanded 7.5 percent in the first
nine months of the year, missing forecasts, data showed on
Thursday.
    * PROPERTY: Property sales in China dropped for the first
time in more than 2-1/2 years in September, and housing starts
slowed sharply, reinforcing expectations that robust growth in
the world's second-largest economy is starting to cool.

    * Other metals were mixed. LME zinc and lead
fell by more than 1 percent, reversing gains made on Wednesday.
LME nickel rallied 1 percent. 
    * EV DEMAND: In supportive news for nickel and copper,
China's electric vehicle (EV) production could touch 1 million
units next year and 3 million units by 2020, said Xu Heyi,
chairman of carmaker BAIC Group, on Wednesday, likely
exceeding a government-set target.
    * COPPER DEMAND: Chile state copper commission Cochilco
forecast on Wednesday an average global copper price of $2.95
per pound in 2018, a sharp upward revision from its mid-year
estimate of $2.68, due to greater demand in China.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks shed early gains on Thursday, pulling back
from decade highs, with Chinese equities leading the way lower
after data showed growth in the world's second largest economy
slowed slightly in the third quarter.    
        
     PRICES    
    
 BASE METALS PRICES                0714 GMT          
 Three month LME copper                          6997
 Most active ShFE copper                        54600
 Three month LME aluminium                     2129.5
 Most active ShFE aluminium                     16145
 Three month LME zinc                            3089
 Most active ShFE zinc                          25195
 Three month LME lead                            2487
 Most active ShFE lead                          19185
 Three month LME nickel                         11765
 Most active ShFE nickel                        94280
 Three month LME tin                            20015
 Most active ShFE tin                          144700
                                                     
 BASE METALS ARBITRAGE                               
 LME/SHFE COPPER               LMESHFCUc3      512.44
 LME/SHFE ALUMINIUM            LMESHFALc3     -268.02
 LME/SHFE ZINC                 LMESHFZNc3      694.32
 LME/SHFE LEAD                 LMESHFPBc3     -747.15
 LME/SHFE NICKEL               LMESHFNIc3     2131.18
 
($1 = 6.6212 Chinese yuan)

    
 (Reporting by Melanie Burton; Editing by Subhranshu Sahu and
Tom Hogue)
  
 
 

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below