London copper faces small weekly loss, demand to rise
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London copper faces small weekly loss, demand to rise
MELBOURNE, Feb 23 (Reuters) - London copper eased on Friday
and was headed for a small weekly drop as the dollar gained
steam this week on rising expectations of U.S. interest rate
hikes, but prospects of demand were rosy given a healthy outlook
for global economic growth.

FUNDAMENTALS
* LME: London Metal Exchange copper eased by 0.3
percent to $7,144 a tonne by 0136 GMT, after logging a small
gain in the previous session.
* SHFE: Shanghai Futures Exchange copper was up by
1.4 percent at 53,530 yuan ($8,434) a tonne.
* DOLLAR: Support came from the dollar which sagged broadly
on Friday after its recovery this week faded as U.S. Treasury
yields declined from their recent peaks. A weaker dollar
supports metals by making them more affordable for buyers using
other currencies.
* The number of Americans filing for unemployment benefits
fell to a near 45-year low last week, pointing to strong job
growth in February and solid momentum in the economy.

* ALUMINIUM: Russian aluminium giant Rusal almost
matched forecasts with a 42 percent jump in fourth-quarter core
earnings on Friday, helped by higher aluminium prices, and said
it saw a 5 percent increase in demand this year, pushing the
market into a more than 2 million tonne deficit.
* LME aluminium edged up by 0.3 percent. Prices are
down around 4 percent YTD with China factories ramping up
production as pollution-linked winter curtailments expire next
month.
* NICKEL: LME nickel fell 0.5 percent, while SHFE
nickel rallied nearly 2 percent amid volatile trade.
* For the top stories in metals and other news, click
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MARKETS NEWS
* Asian shares rebounded on Friday as comments from a
Federal Reserve official eased worries that the central bank
might raise rates more aggressively this year, while the
safe-haven yen held on to its gains amid heightened volatility
across markets.

DATA AHEAD (GMT)
0700 Germany Detailed GDP Q4
1000 Euro zone Inflation final Jan
PRICES

BASE METALS PRICES 0043 GMT
Three month LME copper 7144
Most active ShFE copper 53520
Three month LME aluminium 2191
Most active ShFE aluminium 14280
Three month LME zinc 3518
Most active ShFE zinc 26665
Three month LME lead 2546.5
Most active ShFE lead 19400
Three month LME nickel 13785
Most active ShFE nickel 104830
Three month LME tin 21425
Most active ShFE tin 147130

BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 715.2
LME/SHFE ALUMINIUM LMESHFALc3 -1873.65
LME/SHFE ZINC LMESHFZNc3 178.14
LME/SHFE LEAD LMESHFPBc3 -205.59
LME/SHFE NICKEL LMESHFNIc3 1468.89
($1 = 6.3470 Chinese yuan)


(Reporting by Melanie Burton; Editing by Subhranshu Sahu)



2018-02-23 04:38:31


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