January 25, 2019 / 2:27 AM / 7 months ago

METALS-London copper rises after miner forecasts lower output

    BEIJING, Jan 25 (Reuters) - London copper prices edged up in
early Asian trade on Friday, clawing back some of the previous
session's losses after the world's second-biggest copper miner
forecast a drop in output in 2019.
    Copper remains on course to shed 1.9 percent in London this
week on fears China's slowing economy will reduce demand. That
would mark its steepest weekly drop since the week ended Dec.
    * LME COPPER: Three-month copper on the London Metal
Exchange had inched up 0.3 percent to $5,939.50 a tonne
as of 0201 GMT, after closing down 0.5 percent in the previous
session. The most-traded March copper contract on the Shanghai
Futures Exchange was down 0.1 percent at 47,340 yuan 
($6,974.79) a tonne.
    * FREEPORT: Freeport McMoRan Inc shares slid 9
percent on Thursday after the world's second-largest copper
miner posted lower-than-expected quarterly profit and forecast a
drop in 2019 production. 
    * U.S. COPPER: Once seen as a laggard in the global mining
industry, U.S. copper deposits have quietly drawn more than $1.1
billion in investments from small and large miners alike as
Tesla and other electric carmakers scramble for more of the red
    * ANGLO: Anglo American said its copper output had
reached a five-year high and its overall output for the last
quarter of 2018 had risen 7 percent following operational
changes that boosted efficiency.
    * SQM: Chile's SQM late on Wednesday told Chilean regulators
that it had taken measures to safeguard its corporate secrets
just weeks after top competitor Tianqi purchased a coveted
quarter stake in the top lithium miner.
    * COLUMN: Global aluminium production growth brakes sharply
in 2018: Andy Home
    * For the top stories in metals and other news, click       
    * Asian stocks inched higher on Friday, buoyed by advances
in U.S. technology shares, but gains were capped by worries over
slowing growth in Europe and caution ahead of several key events
next week including U.S.-China trade talks.    
*0900 Germany        Ifo Business Climate New  Jan
0900  Germany     Ifo Curr Conditions New    Jan
0900  Germany     Ifo Expectations New  Jan
1100  Britain          CBI Distributive Trades  Jan
1300  Russia         Unemployment Rate  Dec
1330  U.S.        Durable Goods  Dec
1500  U.S.          New Home Sales-Units  Dec
ECB Executive Board member Benoit Coeure participates in the
World Economic Forum in Davos, Switzerland
* approx. time
 BASE METALS PRICES                      0201 GMT
 Three month LME copper                      5937
 Most active ShFE copper                    47330
 Three month LME aluminium                   1885
 Most active ShFE aluminium                 13530
 Three month LME zinc                        2623
 Most active ShFE zinc                      21585
 Three month LME lead                      2061.5
 Most active ShFE lead                      17730
 Three month LME nickel                     11760
 Most active ShFE nickel                    94600
 Three month LME tin                            0
 Most active ShFE tin                      148840
 BASE METALS ARBITRAGE                           
 LME/SHFE COPPER             LMESHFCUc3    527.81
 LME/SHFE ALUMINIUM          LMESHFALc3  -1302.77
 LME/SHFE ZINC               LMESHFZNc3    351.01
 LME/SHFE LEAD               LMESHFPBc3    838.48
 LME/SHFE NICKEL             LMESHFNIc3   1536.58

($1 = 6.7873 Chinese yuan renminbi)

 (Reporting by Tom Daly; Editing by Joseph Radford)
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