January 10, 2018 / 3:38 AM / in a year

METALS-London copper climbs off two week trough, softer dollar supports

    MELBOURNE, Jan 10 (Reuters) - London copper rose on
Wednesday, away from the weakest in a fortnight struck in the
previous session, as the dollar softened and the World Bank
issued a solid view of global economic growth that supported
demand expectations for metals. 
    * COPPER: London Metal Exchange copper edged up by
0.3 percent to $7,121.50 a tonne by 0241 GMT, neutralising
losses from the previous session when prices tipped their lowest
since Dec. 22 at $7,086. 
    * Shanghai Futures Exchange copper edged up 0.2
percent to 54,910 yuan ($8,411) a tonne, having found support at
the 100-day moving average of 53,180 yuan a tonne. 
    * NICKEL: ShFE nickel rose to its highest in nearly
two months at 100,900 yuan a tonne. A trader said he expects
China's nickel imports to fall away further after the country
raised import taxes to 2 percent for 2018, from 1 percent last
    China's refined nickel imports slumped by 43.7 pct to under
200,000 tonnes in the first 11 months of 2017.
    * FORECASTS: The global economy is set to expand by 3.1
percent in 2018, slightly up from 3 percent last year and
marking the first year since the 2008 Great Recession that it
will near or achieve full growth potential, the World Bank said.

    * GERMANY ECONOMY: Industrial production and exports from
Germany rose more than expected in November, prompting the
government to raise its estimate of growth for 2017.

    * ALUMINIUM: U.S. aluminium products makers sought new trade
protections against Chinese imports on Tuesday, accusing China
Zhongwang Holdings Ltd and its affiliates of evading
U.S. anti-dumping and anti-subsidy duties by shipping aluminium
products through Vietnam. 
    * ALUMINIUM: Norwegian aluminium maker Norsk Hydro
can further increase its domestic output on top of the planned
restart of a mothballed facility.
    * AUTO DEMAND: Potentially crimping metals demand,
automakers in China face their weakest year of sales growth in
at least two decades as a phasing out of tax cuts on smaller
engine cars looks set to further dampen customer demand in the
world's largest car market.
    * MARKETS: Benchmark U.S. Treasury yields hit a 10-month
high on Tuesday after the Bank of Japan tweaked its bond-buying
program, while stocks in world indexes continued their flying
start to the year.    
    * COMING UP:  U.S. Import, Export Prices for Dec at 1330 GMT
 BASE METALS PRICES             0247 GMT         
 Three month LME copper                    7123.5
 Most active ShFE copper                    54920
 Three month LME aluminium                 2166.5
 Most active ShFE aluminium                 14960
 Three month LME zinc                        3340
 Most active ShFE zinc                      26175
 Three month LME lead                        2559
 Most active ShFE lead                      19475
 Three month LME nickel                     12720
 Most active ShFE nickel                   100640
 Three month LME tin                        19945
 Most active ShFE tin                      145220
 BASE METALS ARBITRAGE                           
 LME/SHFE COPPER             LMESHFCUc3    683.49
 LME/SHFE ALUMINIUM          LMESHFALc3   -1384.2
 LME/SHFE ZINC               LMESHFZNc3    377.96
 LME/SHFE LEAD               LMESHFPBc3   -672.76
 LME/SHFE NICKEL             LMESHFNIc3   2055.54
    ($1 = 6.5286 Chinese yuan)

 (Reporting by Melanie Burton; Editing by Tom Hogue)
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