METALS-London copper, zinc recover in line with oil

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Tue, 26 Sep 2017 - 10:08 GMT

BY

Tue, 26 Sep 2017 - 10:08 GMT

A firefighter cuts a metal fence as a wildfire burns near the village of Metochi, north of Athens, Greece, August 15, 2017.... Giorgos Moutafis August 16, 2017 01:19pm BST

A firefighter cuts a metal fence as a wildfire burns near the village of Metochi, north of Athens, Greece, August 15, 2017.... Giorgos Moutafis August 16, 2017 01:19pm BST

MELBOURNE – 26 September 2017: London metals rose on Tuesday amid a broader updraft for commodities after production cuts fuelled an oil price recovery, while demand prospects also brightened after the Asian Development Bank raised its forecast for China's growth.

"A generally stronger session overnight for the commodity complex. With no key economic data expected today, the focus is likely to remain on supply dynamics and geopolitical developments," ANZ said in a report.

FUNDAMENTALS

* LME COPPER: London Metal Exchange copper rose 0.8 percent to $6,506 a tonne by 0715 GMT, having closed flat in the previous session. Prices fell to the lowest since mid-August at $6,366 a tonne on Friday.

* SHFE COPPER: Shanghai Futures Exchange copper rose 1 percent to 50,640 yuan ($7,645) a tonne.

* SHFE METALS: Shanghai zinc rallied 2.7 percent, helped by a recovery in Shanghai rebar, which climbed 1.3 percent.

* CHINA GROWTH: The Asian Development Bank raised its outlook for China's economic growth this year on the back of strong domestic consumption, an export recovery and solid growth in services.

* OIL: Oil markets took a breather on Tuesday after prices jumped more than 3 percent in the previous session, with Turkey threatening to cut crude flows from Iraq's Kurdistan region to the outside world.

* BAUXITE: Bauxite mining companies have resumed normal operations in Guinea's Boke region as local authorities try to negotiate a definitive end to unrest that has disrupted production for more than a week, sources familiar with the matter said on Monday.

* TC/RCS: Tighter copper supply and an increase in refining capacity in top-consumer China should result in lower treatment and refining charges (TC/RCs) by smelters, the chief executive of Chilean miner Antofagasta PLC told Reuters on Monday.

* MINING PERMITS: Brazil will reinstate a mining ban in a vast area of the Amazon rainforest, the government said on Monday, in an about-face that is a victory for environmentalists who feared deforestation.

MARKETS NEWS

* Asian shares withered on Tuesday and the yen firmed against the backdrop of rising tensions on the Korean Peninsula, and as investors awaited fresh signals about the U.S. monetary policy outlook.

COMING UP: U.S. New home sales Aug at 1400 GMT

PRICES

0711 GMT

Three month LME copper 6505.5

Most active ShFE copper 50640

Three month LME aluminium 2148

Most active ShFE aluminium 16510

Three month LME zinc 3126.5

Most active ShFE zinc 25610

Three month LME lead 2501

Most active ShFE lead 20820

Three month LME nickel 10585

Most active ShFE nickel 84520

Three month LME tin 20735

Most active ShFE tin 147180


LME/SHFE COPPER LMESHFCUc3 241.76

LME/SHFE ALUMINIUM LMESHFALc3 -19.26

LME/SHFE ZINC LMESHFZNc3 813.39

LME/SHFE LEAD LMESHFPBc3 215.87

LME/SHFE NICKEL LMESHFNIc3 1627.3
2
($1 = 6.6228 Chinese yuan)

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