February 27, 2019 / 5:27 AM / a month ago

METALS-Copper slips as dollar firms from 3-month low; stocks in focus

 (Adds Shanghai closing prices; updates London prices)
    MELBOURNE/BEIJING, Feb 27 (Reuters) - Copper slipped on
Wednesday as the dollar recovered from a three-month low after
U.S. Federal Reserve Chairman Jerome Powell said he is in "no
rush to make a judgment" about further changes to interest
rates.
    The metal recorded its highest close since July in the
previous session and is still not far off the $6,500 a tonne
mark as low inventories remained in focus. 
    Available copper stocks MCU-STOCKS in warehouses monitored
by the London Metal Exchange have tumbled to less than 30,000
tonnes from more than 130,000 tonnes in mid January, reaching
the lowest level since mid 2005. 
    Citing LME data that showed speculators had increased their
bullish bets on LME copper by 3,735 net long positions to
31,665, ANZ said "the recent improvement in sentiment amid the
easing trade tension has seen investors become more bullish on
the red metal." 
                
    FUNDAMENTALS
    * COPPER: LME copper fell 0.4 percent to $6,468 a
tonne by 0703 GMT. The most traded April contract on the
Shanghai Futures Exchange copper closed down 0.1
percent at 50,080 yuan ($7,486.14) a tonne. 
    * RIO: Rio Tinto has made a promising find of
copper, gold and silver at its Winu prospect in Western
Australia, Chief Executive Jean-Sébastien Jacques said on
Wednesday.   
    * COPPER: Vedanta Ltd is selling down copper
concentrate stocks from its Sterlite smelter in southern India,
looking to cut costs at the plant ordered permanently shut in
May.    
    * M&A: Africa-focused explorer Nzuri Copper Ltd has
received a A$109.5 million ($78.64 million) takeover bid from a
unit of China's Chengtun Mining.
    * CME GLITCH: U.S. exchange operator CME Group said
on Wednesday operations on its CME Globex platform had returned
to normal after it had to halt all trading due to technical
issues.
    * OTHER METALS: Aluminium rose 0.2 percent but all
other LME metals were down 0.3-0.5 percent. 
    * ALUMINIUM: Glencore has lodged a complaint with the LME
about the company's inability to take speedy delivery of
aluminium from warehouses owned by ISTIM UK in Port Klang,
Malaysia.
    * COLUMN: Congo and Zambia win fight with copper miners but
at a cost: Andy Home
    
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares inched towards a five-month after Powell's
testimony.    
    PRICES
 BASE METALS PRICES                      0712 GMT
 Three month LME copper                      6468
 Most active ShFE copper                    50070
 Three month LME aluminium                   1915
 Most active ShFE aluminium                 13695
 Three month LME zinc                        2730
 Most active ShFE zinc                      21830
 Three month LME lead                        2083
 Most active ShFE lead                      17145
 Three month LME nickel                     12890
 Most active ShFE nickel                   101190
 Three month LME tin                        21530
 Most active ShFE tin                      150310
                                                 
 BASE METALS ARBITRAGE                           
 LME/SHFE COPPER             LMESHFCUc3   -198.52
 LME/SHFE ALUMINIUM          LMESHFALc3  -1070.65
                                         
 LME/SHFE ZINC               LMESHFZNc3    -13.65
 LME/SHFE LEAD               LMESHFPBc3    421.96
 LME/SHFE NICKEL             LMESHFNIc3      82.9
                                         
 ($1 = 6.6897 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton in MELBOURNE and Tom Daly in
BEIJING; editing by Richard Pullin and Shreejay Sinha)
  
 
 
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