December 7, 2017 / 2:47 AM / 9 days ago

METALS-London copper mired near two-month low as China demand growth cools

    MELBOURNE, Dec 7 (Reuters) - London copper edged up on
Thursday but was still not far two-month lows amid signs that
growth in China's property and power sectors, both major copper
consumers, is tapering into the year end.
            
    FUNDAMENTALS
    * London Metal Exchange copper edged up by 0.3
percent to $6,571.50 a tonne by 0209 GMT, after closing little
changed in the previous session. Prices on Tuesday fell to
$6,507.50, the weakest since Oct. 10. Shanghai Futures Exchange
copper slipped 0.3 percent to 51,430 yuan ($7,771) a
tonne.
    * ALUMINIUM: Aluminium hovered around four-month lows at
$2,011 a tonne, close to support at the 200 day moving average
of $2,000, a break of which would open the way to further
selling. Shfe aluminium trimmed losses but was still
down 1.7 percent, after China's winter output cuts were set to
be less severe than initially feared. China is the world's top
producer of aluminium. 
    * NICKEL: Brazilian miner Vale SA dialed back its
nickel output forecasts for the next five years on Wednesday,
although the world's top producer praised the metal's longer
term prospects on likely soaring demand for electric cars. Vale
cut its nickel output estimate by 15 percent to 263,000 tonnes
next year and said it was still seeking an investor for its New
Caledonia nickel mine.
    * LME nickel prices steadied above the two-month
bottom of $10,755 a tonne hit the previous session.
    * JAPAN MANUFACTURERS: Confidence among Japanese
manufacturers held firm in December and service-sector sentiment
rose for a second straight month, the Reuters Tankan poll showed
on Thursday, underscoring steady economic growth driven by both
external and domestic demand.
    * CHINA ECONOMY: China should prioritise financial stability
above development goals, as pursuit of regional growth targets
and helping firms avoid heavy job losses had led to a surge in
debt, particularly at local government level, the International
Monetary Fund said.
    * CHINA INVESTORS: China will "significantly" widen market
access for foreign investors, state radio on Wednesday quoted
vice premier Wang Yang as saying, following a recent move to
raise foreign ownership limits in local financial firms.

    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian shares held close to a two-month low on Thursday as
softer oil and copper as well as U.S. policy uncertainty kept
sentiment in check, while high-tech stocks struggled to recover
after a searing sell-off.    
        
    DATA/EVENTS    
    0700  Germany Industrial output Oct
    0745  France Trade data Oct
    1000  Euro zone Revised GDP Q3
    1330  U.S. Weekly jobless claims
    1500  ECB President Mario Draghi holds news conference on
    Basel banking reforms
    PRICES    
    
 BASE METALS PRICES                0206 GMT         
 Three month LME copper                       6570.5
 Most active ShFE copper                       51400
 Three month LME aluminium                      2017
 Most active ShFE aluminium                    14215
 Three month LME zinc                           3103
 Most active ShFE zinc                         24670
 Three month LME lead                           2494
 Most active ShFE lead                         18775
 Three month LME nickel                        10815
 Most active ShFE nickel                       87680
 Three month LME tin                           19450
 Most active ShFE tin                         140170
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER             LMESHFCUc3       648.24
 LME/SHFE ALUMINIUM          LMESHFALc3      -1297.1
 LME/SHFE ZINC               LMESHFZNc3       266.71
 LME/SHFE LEAD               LMESHFPBc3      -1106.1
                                                   7
 LME/SHFE NICKEL             LMESHFNIc3      2758.94
 

($1 = 6.6181 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; editing by Richard Pullin)
  
 
 

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