July 17, 2017 / 2:03 AM / in 11 days

METALS-London copper edges to two-week peak on weaker dollar

3 Min Read

MELBOURNE, July 17 (Reuters) - London copper edged to its highest in nearly two weeks on Monday after the dollar dropped on expectations that the U.S. would need to push back its next interest rate rise, making commodities cheaper for buyers paying with other currencies.

Fundamentals

* London Metal Exchange copper had slipped 0.2 percent to $5,914 a tonne by 0154 GMT, having earlier edged to a new near two-week peak at $5,934.50, the highest since July 3. Prices climbed nearly 1 percent on Friday.

* Shanghai Futures Exchange copper rose 0.3 percent to 47,290 yuan ($6,990) a tonne. ShFE nickel rallied 4 percent.

* China is expected to report on Monday that its economy grew 6.8 percent in April-June from a year earlier, cooling from the previous quarter's robust 6.9 percent pace as policymakers seek to rein in property and debt risks.

* U.S. consumer prices were unchanged in June and retail sales fell for a second straight month, pointing to tame inflation and soft domestic demand that diminished prospects of a third interest rate increase from the Federal Reserve this year.

* Hedge funds and money managers cut their net long position in COMEX gold in the week to July 11, as they reduced their net long position in copper futures and options, U.S. Commodity Futures Trading Commission data showed on Friday.

* For the top stories in metals and other news, click or

Markets News

* Asian stocks rose on Monday after the Dow and S&P 500 hit record highs on Friday on bets the Federal Reserve's accommodative monetary policy will continue following lacklustre U.S. data, with that view sending the dollar reeling to a 10-month low.

Data/Events

0600 Germany Final consumer prices Jun

0645 France Consumer prices (INSEE) Jun

1230 U.S. Producer prices Jun

1230 U.S. Jobless claims weekly

1000/1400 U.S. Fed Chair Janet Yellen delivers her 2nd day of semiannual monetary policy testimony before the Senate Banking Committee

Prices

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS ($1 = 6.7650 Chinese yuan renminbi)

Reporting by Melanie Burton; Editing by Joseph Radford

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