May 15, 2018 / 1:48 AM / 2 years ago

METALS-LME copper eases for 2nd day on supply pressure

SINGAPORE, May 15 (Reuters) - London copper prices slid for a second session on Tuesday, coming under pressure from a rise in stockpiles of the metal used in power and construction.


* Three-month copper on the London Metal Exchange fell 0.2 percent to $6,873 a tonne by 0139 GMT and the most-traded contract on the Shanghai Futures Exchange gave up 0.6 percent to 51,250 yuan ($8,077.86) a tonne.

* The headline stocks in LME warehouses rose 8,900 tonnes to 289,975 tonnes. MCUSTX-TOTAL

* Inventories had fallen more than 100,000 tonnes since March to just over 280,000 tonnes, while copper prices have moved sideways after reaching a four-year high of $7,312.50 in December.

* The impact of Chinese curbs on scrap metal imports introduced this year will be blunted by a rise in domestic scrap production, analysts say.

* China’s property prices are expected to cool steadily this year amid persistent curbs on buyers and tighter monetary conditions, but the market remains frothy and is subject to volatility, a government think tank said on Monday.

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* Asia stocks pulled back on Tuesday, after an uninspiring performance on Wall Street eclipsed support from U.S.-China trade optimism, while supply concerns kept crude oil prices near 3-1/2-year highs.


Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS ($1 = 6.3445 Chinese yuan renminbi)

Reporting by Naveen Thukral; Editing by Vyas Mohan

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