February 15, 2018 / 3:27 AM / 6 months ago

METALS--Copper rises for a 4th day to a 10-day high on weaker dollar, growth outlook

    MELBOURNE, Feb 15 (Reuters) - London copper rose for a
fourth day to the highest in 10 days on Thursday, supported by a
decline in the dollar and robust prospects for global growth. 
    
    FUNDAMENTALS
    * London Metal Exchange copper rose by 0.3 percent
to $7,186.50 a tonne by 0245 GMT. Prices have risen for a fourth
straight session, gaining 6.4 percent during this period. Copper
earlier climbed as high as $7,195, the highest since Feb. 5.
    * SHFE: The Shanghai Futures Exchange was closed for the
Lunar New Year holiday. Markets will reopen on Thursday Feb. 22.
    * DOLLAR: The dollar extended its losses against the yen and
hit a fresh 15-month low on Thursday, with market participants
bracing for further near-term weakness in the U.S. currency.
    * DEMAND: Strong exports drove robust growth in Germany at
the end of last year while inflation stayed subdued in January,
adding to signs that Europe's biggest economy is on track to
extend its upswing well into 2018.
    * COPPER SUPPLY: Chilean mining company Antofagasta
received environmental approval for a major $1.1 billion revamp
of its Los Pelambres copper mine, the regional government of
Coquimbo said on Wednesday. 
    The three-stage infrastructure upgrade, unveiled in 2016,
seeks to maintain the mine's copper output at approximately
400,000 tonnes of copper annually.
    * ZAMBIA MINING: The president of major copper producer
Zambia Edgar Lungu appointed new finance and mining ministers in
a reshuffle on Wednesday that included changes in numerous other
departments as well.
    * ORDERS: Japan's core machinery orders tumbled in December
at the fastest pace in more than three years and companies
expect orders to rise only marginally in January to March,
raising concerns that recent gains in capital expenditure will
taper off. 
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian stocks gained on Thursday after Wall Street brushed
aside strong U.S. inflation data and surged, a counterintuitive
move that also saw the dollar pinned at two-week lows even as
Treasury yields jumped in anticipation of a quicker pace of U.S.
interest rate hikes.    
        
    DATA/EVENTS    
    1000  Euro zone Eurostat trade Dec
    1330  U.S. Weekly jobless claims
    1330  U.S. Philly Fed business index Feb
    1330  U.S. New York Fed manufacturing Feb
    1415  U.S. Industrial production Jan
    1500  U.S. NAHB housing market index Feb    
    PRICES    
    
 BASE METALS PRICES                    0253 GMT          
 Three month LME copper                            7189.5
 Most active ShFE copper                                0
 Three month LME aluminium                           2188
 Most active ShFE aluminium                             0
 Three month LME zinc                              3560.5
 Most active ShFE zinc                                  0
 Three month LME lead                              2589.5
 Most active ShFE lead                                  0
 Three month LME nickel                             14155
 Most active ShFE nickel                                0
 Three month LME tin                                21555
 Most active ShFE tin                                   0
 

    
 (Reporting by Melanie Burton; Editing by Christian
Schmollinger)
  
 
 
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