METALS-London copper rises for second day on weaker dollar

 (Updates prices, replaces comment)
    BEIJING, Feb 13 (Reuters) - London copper prices climbed for
a second session on Tuesday, bouncing back from two-month lows
hit last week, helped by a weaker dollar tracking a broad
recovery in global equities.
    Traders were looking to cover their positions before the
Lunar New Year holiday, wrote Matt France, head of institutional
metal sales, Asia, at brokerage Marex Spectron.
    The holiday will see China, the world's top copper consumer,
and the Shanghai Futures Exchange (ShFE) shut down for a week.  
      
    "The (base metals) complex feels constructive here,
having weathered some meaningful long liquidation and indeed
started to see some shorts build on the back of last week's
macro sell-off," France said. 
             
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the LME was up
1.4 percent at $6,925 a tonne at 0726 GMT, extending gains from
the previous session, when it ended up 1.1 percent.
    * SHFE COPPER: The most-traded April copper contract on the
ShFE rose for the first time in three days, closing up
1.5 percent at 52,140 yuan ($8,230.47) a tonne.
    * U.S. DOLLAR: The dollar index slid by 0.3 percent.
A weaker dollar makes metals cheaper for holders of other
currencies and can support prices.   
    * OTHER METALS: Zinc, nickel and aluminium
 made gains of around 1 percent in London, while recent
laggard lead was up by 0.3 percent.
    * COPPER: Aurubis AG, Europe's biggest copper
smelter, is in advanced negotiations to sell its flat rolled
products unit to German cooper products company Wieland-Werke AG
as Aurubis looks to expand into other metals besides copper.

    * ALUMINIUM: U.S. President Donald Trump will meet with a
bipartisan group of lawmakers on Tuesday to discuss trade
matters, as he ponders whether to takes steps to limit steel and
aluminium imports seen as damaging to U.S. businesses.
 
    * BHP: Australian miner BHP Billiton said on
Tuesday it will record a $1.8 billion income tax expense due to
cuts in the U.S. Federal corporate income tax rate.
    * COBALT: Makers of electric vehicle batteries will have to
keep using scarce, expensive cobalt in their products for the
foreseeable future despite a push towards higher nickel
compositions, materials technology company Umicore said
on Monday.
    
    For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks pulled further away from two-month lows on
Tuesday, lifted by Wall Street's extended rebound from last
week's steep fall, but investors remained cautious ahead of U.S.
inflation data later in the week.
       
        
        
    PRICES
 
 BASE METALS PRICES                          0727 GMT
 Three month LME copper                          6927
 Most active ShFE copper                        52140
 Three month LME aluminium                       2142
 Most active ShFE aluminium                     14305
 Three month LME zinc                            3421
 Most active ShFE zinc                          26230
 Three month LME lead                            2521
 Most active ShFE lead                          19015
 Three month LME nickel                         13190
 Most active ShFE nickel                       100870
 Three month LME tin                            21200
 Most active ShFE tin                          146800
                                                     
 BASE METALS ARBITRAGE                               
 LME/SHFE COPPER                LMESHFCUc3     981.21
 LME/SHFE ALUMINIUM             LMESHFALc3   -1401.21
                                            
 LME/SHFE ZINC                  LMESHFZNc3      558.4
 LME/SHFE LEAD                  LMESHFPBc3    -248.19
 LME/SHFE NICKEL                LMESHFNIc3    2300.52
                                            
 ($1 = 6.3350 Chinese yuan renminbi)

    
 (Reporting by Tom Dalyp; Editing by Kenneth Maxwell and Vyas
Mohan)
  
 
 



Learn More about forex trading signals

What do you think?

0 points
Upvote Downvote

Total votes: 0

Upvotes: 0

Upvotes percentage: 0.000000%

Downvotes: 0

Downvotes percentage: 0.000000%

Singapore poised for first sales tax hike in more than a decade

Lotte chief and ex-president’s friend jailed in South Korea scandal