August 22, 2017 / 2:18 AM / a year ago

METALS-Metals slip from peaks, but iron ore rally supports

    MELBOURNE, Aug 22 (Reuters) - London copper edged down on
Tuesday from three-year highs touched the session before, but
the resumption of a rally in iron ore prices offered support to
the sector.  
    * LONDON COPPER: London Metal Exchange copper had
slipped 0.3 percent to $6,567 a tonne by 0153 GMT. That followed
1.5-percent gains the previous session, when prices hit their
highest since November 2014 at $6,623 a tonne.
    * SHANGHAI COPPER: Shanghai Futures Exchange copper
was holding 0.6-percent gains at 51,500 yuan ($7,737), having
struck its strongest since March 2013 at 52,130 yuan a tonne
    * OTHER METALS: ShFE nickel trimmed early gains to
hold up 1.7 percent, while zinc and lead
sagged by 0.8 and 2.5 percent respectively. 
    * CHINA STEEL: China's steel sector offered some support,
with rebar flat and Dalian iron ore up 3 pct.
    * PRICE OUTLOOK: "Maybe we have seen the high of this year,
prices could consolidate a bit towards Q4," said one trader in
Singapore. "I think medium term is still bullish on commodities
(but) I am not too bullish for the short term. (Still), not a
good time to short, even though looks high now." 
    * CHINA DEBT: Rising corporate profits are providing Chinese
policymakers with room to do more to tackle the country’s
growing debt problems without inflicting major damage on the
    * BHP: Global mining giant BHP Billiton
posted a surge in annual underlying profit to $6.7 billion on
Tuesday, but missed forecasts, and said it was putting its U.S.
shale assets up for sale.
    * GERMANY ECONOMY: The German economy could grow faster this
year than earlier expected on the back of exceptionally strong
industrial production, exports and consumption, the Bundesbank
said in a monthly report on Monday.
    * SHANGHAI FEES: The ShFE said on Monday it would adjust
transaction fees for zinc futures for delivery in October and
November and would limit the volumes non-members could trade
each day from Aug. 23.
    * CHILE: The Chilean government rejected on Monday a
controversial $2.5-billion copper and iron project proposed by
privately-held Andes Iron, though the company vowed to appeal.

    * MINMETALS: China Minmetals Corp (CHMIN.UL) plans to invest
10 billion yuan ($1.50 billion) to upgrade its copper, lead and
zinc smelting facilities Hunan province, a spokesman confirmed
on Monday, after a recent rebuke from the Ministry of
Environmental Protection (MEP).
    * For the top stories in metals and other news, click       
    * Asian shares edged higher on Tuesday, taking solace from
modest gains on Wall Street even as investors remained wary
ahead of the annual central banking conference in Jackson Hole
later this week.    
    0830    U.K.     Public finances                     Jul  
    0900    Germany  Economic sentiment index (ZEW)      Aug  
    1300    U.S.     Home prices (FHFA)                  Jun 
    1400    U.S.     Richmond Fed manufacturing index    Aug    
 BASE METALS PRICES                     0142 GMT           
 Three month LME copper                                6568
 Most active ShFE copper                              51530
 Three month LME aluminium                             2070
 Most active ShFE aluminium                           16310
 Three month LME zinc                                3110.5
 Most active ShFE zinc                                26095
 Three month LME lead                                2329.5
 Most active ShFE lead                                19155
 Three month LME nickel                               11295
 Most active ShFE nickel                              91510
 Three month LME tin                                  20430
 Most active ShFE tin                                144360
 BASE METALS ARBITRAGE                                     
 LME/SHFE COPPER                   LMESHFCUc3        542.59
 LME/SHFE ALUMINIUM                LMESHFALc3        315.17
 LME/SHFE ZINC                     LMESHFZNc3       1304.28
 LME/SHFE LEAD                     LMESHFPBc3        340.99
 LME/SHFE NICKEL                   LMESHFNIc3       1795.98

($1 = 6.6563 Chinese yuan renminbi)

 (Reporting by Melanie Burton; Editing by Joseph Radford)
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