August 31, 2017 / 2:27 AM / in a year

METALS-London copper set for 3rd monthly gain as China factories rev up demand hopes

MELBOURNE, Aug 31 (Reuters) - London copper led industrial metals higher in Asia on Thursday, setting the scene for a third monthly gain in a row after healthy growth at China’s factories in August fed expectations of better metals demand.


* LME COPPER: Three-month copper on the London Metal Exchange rose 0.6 percent to $6806 a tonne by 0207 GMT, reversing small losses seen in the previous session. Copper earlier this week struck its highest in since Sept 2014 at $6843.50 and was set to log gains of near 7 percent for August, a third monthly advance.

* SHFE COPPER: Shanghai Futures Exchange copper reversed early losses to trade up 0.1 percent at 52780 yuan ($8000)a tonne.

* CHINA PMI: Growth in China’s manufacturing sector unexpectedly accelerated in August, suggesting the world’s second-largest economy is still expanding at a healthy clip despite rising financing costs and a cooling housing market.

* CHINA WEALTH: As regulatory crackdowns in China hit risky investment products and capital outflows, the country’s private banks are looking to profit as they target a bigger share of growing wealth in the world’s second-largest economy.

* U.S. ECONOMY: The U.S. economy grew faster than initially thought in the second quarter, notching its quickest pace in more than two years, and there are signs that the momentum was sustained at the start of the third quarter.

* GLENCORE COPPER: Zambian electricity utility Copperbelt Energy Corporation (CEC) and Glencore’s Mopani Copper Mines have reached an agreement to restore full power supply to the mine from Wednesday, the president’s office said on Wednesday.

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* Investors rediscovered a taste for the dollar and Asian shares on Thursday as upbeat Chinese and U.S. economic news whetted appetite for riskier assets globally, even as tensions over North Korea simmered in the background.


0600 Germany Retail sales Jul

0645 France Producer prices Jul

0800 Germany Unemployment rate Aug

0900 Euro zone Inflation flash Aug

0900 Euro zone Unemployment rate Jul

1230 U.S. Personal income Jul

1230 U.S. Weekly jobless claims

1345 U.S. Chicago PMI

1400 U.S. Pending home sales Jul


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 = 6.5977 Chinese yuan renminbi)

Reporting by Melanie Burton; Editing by Kenneth Maxwell

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