November 29, 2017 / 2:38 AM / 18 days ago

METALS-London copper edges off one-week low, downside risks seen

    MELBOURNE, Nov 29 (Reuters) - London copper edged higher on
Wednesday, pulling away from its lowest in more than a week hit
in the previous session, as the United States progressed with a
bill that would support tax cuts but analysts said given weaker
oil prices, any reprieve may prove short term. 
    
    FUNDAMENTALS
    * LME: London Metal Exchange copper rose by 0.4
percent to $6,832.50 a tonne by 0216 GMT, paring losses from the
previous session when prices dipped to the weakest since Nov. 20
at $6,797.50 and finished down 2 percent. A trader said that
shorts were covering their positions. 
    * SHFE: Shanghai Futures Exchange copper eased by
0.6 percent to 53,270 yuan ($8,062) a tonne.
    * U.S. ECONOMY: U.S. Senate Republicans rammed forward
President Donald Trump's tax-cut bill on Tuesday in an abrupt,
partisan committee vote that set up a full vote by the Senate as
soon as Thursday, although some details of the measure remained
unsettled. [nL1N1NY0QV ]
    * OIL: Oil prices eased on Tuesday, weighed down by
uncertainty over the outcome of an OPEC meeting this week at
which an extension to its price-supporting oil output cuts will
be discussed.
    * COPPER: The global copper market will be balanced for the
foreseeable future even as mine supplies tighten and demand from
China, the world's top consumer, remains strong, executives from
major copper companies said on Wednesday.
    * CHINA ENVIRONMENT: China's environmental crackdown is the
"biggest uncertainty" facing the nation's copper smelters, as
the government steps up inspections and stiffens emissions
control standards, an executive from Jiangxi Copper Co Ltd
 said on Wednesday.
    * ALUMINIUM: The Trump administration launched an aggressive
new trade action against China on Tuesday, opening the first
U.S. government-initiated anti-subsidy and anti-dumping probes
in decades into imports of Chinese aluminium alloy sheet.

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    MARKETS NEWS    
    * Asian shares rose and the dollar held firm on Wednesday
after Wall Street shot to record peaks amid signs of progress on
U.S. tax cuts, upbeat economic data and bank-friendly comments
from the would-be head of the Federal Reserve.    
        
    Day ahead
    0745  France Consumer spending Oct
    1000  Euro zone Business climate Nov
    1300  Germany Consumer prices Nov
    1330  U.S. GDP 2nd estimate Q3
    1500  U.S. Pending homes sales Oct
    1900  U.S. Federal Reserve Beige Book on economic condition
    
 BASE METALS PRICES                 1321 GMT          
 Three month LME copper                           6826
 Most active ShFE copper                         53220
 Three month LME aluminium                      2104.5
 Most active ShFE aluminium                      14690
 Three month LME zinc                           3167.5
 Most active ShFE zinc                           24930
 Three month LME lead                             2434
 Most active ShFE lead                           18275
 Three month LME nickel                          11415
 Most active ShFE nickel                         92140
 Three month LME tin                             19510
 Most active ShFE tin                           142900
                                                      
 BASE METALS ARBITRAGE                                
 LME/SHFE COPPER                 LMESHFCUc3     563.44
 LME/SHFE ALUMINIUM              LMESHFALc3   -1454.31
 LME/SHFE ZINC                   LMESHFZNc3     107.54
 LME/SHFE LEAD                   LMESHFPBc3    -1084.1
 LME/SHFE NICKEL                 LMESHFNIc3    2433.25
 

($1 = 6.6078 Chinese yuan)

    
 (Reporting by Melanie Burton; Editing by Amrutha Gayathri)
  
 
 

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