1. London copper slips on stronger dollar

London copper slips on stronger dollar

London copper slipped on Thursday in low volume trade as the U.S. dollar held gains on brighter economic signals from the United States.Shanghai Futures Exchange copper rose 0.4 percent to 47,440 yuan ($6,881) a tonne.

By: | Melbourne | Published: March 30, 2017 11:08 AM
Three-month copper on the London Metal Exchange had slipped 0.5 percent to ,880 a tonne by 0218 GMT. That pared a 0.6-percent gain from the previous session, when prices hit their highest since March 20 at ,927.50.

London copper slipped on Thursday in low volume trade as the U.S. dollar held gains on brighter economic signals from the United States.

FUNDAMENTALS

* LME COPPER: Three-month copper on the London Metal Exchange had slipped 0.5 percent to $5,880 a tonne by 0218 GMT. That pared a 0.6-percent gain from the previous session, when prices hit their highest since March 20 at $5,927.50.

* SHANGHAI COPPER: Shanghai Futures Exchange copper rose 0.4 percent to 47,440 yuan ($6,881) a tonne.

* U.S. ECONOMY: With the U.S. economy having now “largely attained” a full recovery from recession, the Federal Reserve can raise interest rates three or more times this year, a centrist Fed policymaker said on Wednesday.

* CHINA: China’s economy, the world’s second largest, will likely expand 6.8 percent in the first quarter of 2017, the official Xinhua agency quoted a government think tank as saying on Wednesday.

* CHINA PROPERTY: Moody’s Investors Service warned on Wednesday that the financial risks facing China from a potential property downturn have grown as record lending has made banks more risk-prone while the government is less able to combat those risks.

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* ESCONDIDA: Chile’s Escondida named a new president to run the BHP Billiton-operated mine on Thursday, days after the company failed to clinch a wage deal with workers after an historically long strike.

* ZINC FEES: Korea Zinc Inc, the world’s third-largest zinc smelter, has agreed to take a 15 percent drop in annual processing fees for 2017 as smelters grapple with a dearth of mine supply, Metal Bulletin reported.

MARKETS NEWS

* Asian shares edged up to near their highest in two years on Thursday, while the dollar benefited from waning expectations that the European Central Bank was poised to end its easy policy.

 

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