March 19, 2018 / 2:46 AM / a month ago

METALS- London metals fall on stronger dollar, simmering trade concerns

    MELBOURNE, March 19 (Reuters) - London metals slipped on
Monday on simmering unease that tensions between the world's top
two economies could dent metals demand, while markets eyed this
week's Federal Reserve meeting that could fuel fresh upward
momentum in the dollar. 
    
    FUNDAMENTALS
    * COPPER: London Metal Exchange copper slipped 0.8
percent to $6,833 a tonne by 0203 GMT, extending losses from
Friday when prices fell half a percent. 
    * Prices dropped to $6,811,  which was the weakest since
March 9 when copper troughed at $6,777, a break of which would
open the way to mid-February lows. Support is seen at the 200
day moving average of $6,657.
    * SHFE: Shanghai Futures Exchange copper fell 1.2
percent to 51,310 yuan ($8,100) a tonne, the steepest decline
among Shanghai metals.    
    * SHFE ALUMINIUM: In China, metals inventories have built
despite pollution controls that curbed factory output. Shanghai
aluminium stocks surged by 87,303 tonnes to a record high of
934,216 tonnes, data on Friday showed. <AL-STX-SGH > 
    * STOCKS: Shanghai zinc stocks also jumped by around 50,000
tonnes over the past month ZN-STX-SGH, while Shanghai copper
stocks have nearly doubled since the start of the year,
approaching 300,000 tonnes. CU-STX-SGH
    * RISK APPETITE: Worries about the potential for a
U.S.-China trade war and frustration over U.S. President Donald
Trump's steel and aluminum tariffs threatened to dominate a
gathering of finance leaders amid strengthening growth.

    * DOLLAR: The dollar started the week little changed on
Monday as traders set sights on new Federal Reserve Chair Jerome
Powell's first monetary policy meeting later in the week and as
the increased threat of trade protectionism kept markets on
edge.
    * POLLUTION: China will set more stringent targets for
improving the nation's air quality under a new three-year plan,
as Beijing prepares to beef up a nationwide crackdown on
polluters in its years-long campaign to clear its notoriously
toxic skies.
    * COPPER: Polish copper producer KGHM said it
expects daily copper ore output at its Chilean mine Sierra Gorda
to increase by 18 percent next year from current levels.
nL8N1QY346
    * INVESTORS: Hedge funds and money managers trimmed their
net long positions in COMEX copper contracts in the week to
March 13, regulatory data showed on Friday.
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian share markets got off to a hesitant start on Monday
for a week in which the Federal Reserve is likely to deliver a
hike in U.S. interest rates and perhaps signal that as many as
three more lie in store for the rest of the year.   
    DATA AHEAD (GMT)
    0130  China                 House prices               Feb
    1000  Euro zone          Eurostat trade              Jan    
    PRICES    
    
 BASE METALS PRICES                    0202 GMT             
 Three month LME copper                                 6835
 Most active ShFE copper                               51310
 Three month LME aluminium                            2076.5
 Most active ShFE aluminium                            13985
 Three month LME zinc                                   3251
 Most active ShFE zinc                                 24980
 Three month LME lead                                   2385
 Most active ShFE lead                                 18475
 Three month LME nickel                                13490
 Most active ShFE nickel                              102090
 Three month LME tin                                   20950
 Most active ShFE tin                                 144290
                                                            
 BASE METALS ARBITRAGE                                      
 LME/SHFE COPPER                  LMESHFCUc3          958.93
 LME/SHFE ALUMINIUM               LMESHFALc3        -1273.61
 LME/SHFE ZINC                    LMESHFZNc3          579.23
 LME/SHFE LEAD                    LMESHFPBc3           117.1
 LME/SHFE NICKEL                  LMESHFNIc3         1105.35
 

($1 = 6.3347 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; editing by Richard Pullin)
  
 
 
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