METALS-London copper mired near two-m...

METALS-London copper mired near two-month low as China demand growth cools

Dec 6, 2017 Read more: Reuters
London copper edged up onThursday but was still not far two-month lows amid signs thatgrowth in China's property and power sectors, both major copperconsumers, is tapering into the year end. FUNDAMENTALS * London Metal Exchange copper edged up by 0.3percent to $6,571.50 a tonne by 0209 GMT, after closing littlechanged in the previous session. Prices on Tuesday fell to$6,507.50, the weakest since Oct. 10. Shanghai Futures Exchangecopper slipped 0.3 percent to 51,430 yuan ($7,771) atonne. * ALUMINIUM: Aluminium hovered around four-month lows at$2,011 a tonne, close to support at the 200 day moving averageof $2,000, a break of which would open the way to furtherselling. Shfe aluminium trimmed losses but was stilldown 1.7 percent, after China's winter output cuts were set tobe less severe than initially feared. China is the world's topproducer of aluminium. * NICKEL: Brazilian miner Vale SA dialed back itsnickel output forecasts for the next five years on Wednesday,although the world's top producer praised the metal's longerterm prospects on likely soaring demand for electric cars. Valecut its nickel output estimate by 15 percent to 263,000 tonnesnext year and said it was still seeking an investor for its NewCaledonia nickel mine. * LME nickel prices steadied above the two-monthbottom of $10,755 a tonne hit the previous session. * JAPAN MANUFACTURERS: Confidence among Japanesemanufacturers held firm in December and service-sector sentimentrose for a second straight month, the Reuters Tankan poll showedon Thursday, underscoring steady economic growth driven by bothexternal and domestic demand. * CHINA ECONOMY: China should prioritise financial stabilityabove development goals, as pursuit of regional growth targetsand helping firms avoid heavy job losses had led to a surge indebt, particularly at local government level, the InternationalMonetary Fund said. * CHINA INVESTORS: China will "significantly" widen marketaccess for foreign investors, state radio on Wednesday quotedvice premier Wang Yang as saying, following a recent move toraise foreign ownership limits in local financial firms. * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares held close to a two-month low on Thursday assofter oil and copper as well as U.S. policy uncertainty keptsentiment in check, while high-tech stocks struggled to recoverafter a searing sell-off. DATA/EVENTS 0700 Germany Industrial output Oct 0745 France Trade data Oct 1000 Euro zone Revised GDP Q3 1330 U.S. Weekly jobless claims 1500 ECB President Mario Draghi holds news conference on Basel banking reforms PRICES BASE METALS PRICES 0206 GMT Three month LME copper 6570.5 Most active ShFE copper 51400 Three month LME aluminium 2017 Most active ShFE aluminium 14215 Three month LME zinc 3103 Most active ShFE zinc 24670 Three month LME lead 2494 Most active ShFE lead 18775 Three month LME nickel 10815 Most active ShFE nickel 87680 Three month LME tin 19450 Most active ShFE tin 140170 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 648.24 LME/SHFE ALUMINIUM LMESHFALc3 -1297.1 LME/SHFE ZINC LMESHFZNc3 266.71 LME/SHFE LEAD LMESHFPBc3 -1106.1 7 LME/SHFE NICKEL LMESHFNIc3 2758.94 ($1 = 6.6181 Chinese yuan renminbi) (Reporting by Melanie Burton; editing by Richard Pullin)

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