June 21, 2018 / 1:42 AM / in 9 months

METALS-Copper recovers from three-week low as China eyes policy support

    MANILA, June 21 (Reuters) - London copper rebounded from a
three-week low on Thursday after China said it was eyeing cuts
in banks' reserve requirement ratios (RRR) and other measures to
spur economic growth, which could support copper demand in the
world's top user.
    China's state radio quoted a cabinet meeting as saying on
Wednesday that Beijing will use targeted reduction in RRR and
other monetary policy tools to boost credit support for small
firms and keep economic growth steady.
    Fears of a full-blown trade war with the United States have
magnified concerns about the outlook for the world's
second-largest economy, following weaker-than-expected growth
data for May.
    Three-month copper on the London Metal Exchange was
up 0.9 percent at $6,836 a tonne by 0128 GMT, recovering from
Wednesday's low of $6,772, its weakest since May 30. On the
Shanghai Futures Exchange, the most-traded August copper
contract gained 0.3 percent to 51,970 yuan ($8,031) a
    * COPPER SURPLUS: The global world refined copper market
showed a 55,000 tonnes surplus in March, compared with a 87,000
tonnes surplus in February, the International Copper Study Group
    * VEDANTA LEAK: Vedanta Ltd said a sulphuric acid
leak from a tank at its southern Indian copper smelter was
severe and inaction could lead to serious environmental
    * EU TARIFFS: The European Union will begin charging import
duties of 25 percent on a range of U.S. products on Friday, in
response to U.S tariffs imposed on EU steel and aluminium early
this month, the European Commission said.
    * U.S. PROBE: The U.S. Commerce Department is investigating
recent steel price hikes to determine whether some market
participants are "illegitimately profiteering" from new tariffs,
Commerce Secretary Wilbur Ross said.
    * ALUMINIUM OUTPUT: Global primary aluminium output in May
rose to 5.441 million tonnes from a revised 5.303 million tonnes
in April, International Aluminium Institute data showed.

    * RUSAL: Sanctions-hit Russian aluminium producer Rusal
 restarted production at its Friguia alumina refinery
in Guinea on Wednesday after a six-year pause, the West African
country's mines minister said.
    * U.S. DATA: U.S. home sales unexpectedly fell for the
second straight month in May as an acute shortage of properties
on the market pushed house prices to a record high.
    * MARKETS: The dollar hovered near an 11-month high against
a basket of currencies, supported by a rise in U.S. yields,
while Asian shares were subdued.    
    0645  France       Business climate manufacturing        Jun
    1100  Bank of England announces rate decision 
    1230  U.S.         Weekly jobless claims
    1230  U.S.         Philly Fed business index             Jun
    1300  U.S.         Monthly home price index              Apr
    1400  U.S.         Leading index                         May
    1400  Euro zone    Consumer confidence                   Jun
 BASE METALS PRICES                                 0128 GMT
 Three month LME copper                                 6836
 Most active ShFE copper                               51970
 Three month LME aluminium                              2175
 Most active ShFE aluminium                            14205
 Three month LME zinc                                   3026
 Most active ShFE zinc                                 23540
 Three month LME lead                                 2418.5
 Most active ShFE lead                                 20035
 Three month LME nickel                                15135
 Most active ShFE nickel                              115750
 Three month LME tin                                   20645
 Most active ShFE tin                                 147260
 BASE METALS ARBITRAGE                                      
 LME/SHFE COPPER                  LMESHFCUc3          402.88
 LME/SHFE ALUMINIUM               LMESHFALc3         -2162.8
 LME/SHFE ZINC                    LMESHFZNc3          272.19
 LME/SHFE LEAD                    LMESHFPBc3          547.73
 LME/SHFE NICKEL                  LMESHFNIc3         -283.09
 ($1 = 6.4713 Chinese yuan)

 (Reporting by Manolo Serapio Jr.; editing by Richard Pullin)
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