November 20, 2017 / 7:15 AM / 2 years ago

METALS-London copper prices supported by resilient China property sector

 (Updates prcies)
    By Melanie Burton
    MELBOURNE, Nov 20 (Reuters) - London copper steadied on
Monday amid a slightly firmer dollar, supported after a report
showed China's property sector, a major metals consumer,
remained resilient last month.
    China's new home prices rose at a slightly faster pace in
October after gains had held steady the previous month, as
prices remained resilient in the face of falling sales and a
tighter liquidity environment.
    "We are of a view that China's underlying fundamentals in
the property sector remain sound," said Argonaut in a report.
    "This confirms our view that (any) commodity price rout
during the weak winter season in China would be short-term ...
We recommend buy on weakness."  
    
    FUNDAMENTALS
    * LME: Three-month copper on the London Metal Exchange
 was trading at $6,765.50 a tonne by 0700 GMT, down 0.2
percent and paring small 0.6-percent gains from the previous
session. Prices have found support around the $6,713-$6,715
level, in line with a one-month low hit last week. 
    * SHFE: Shanghai Futures Exchange copper ended flat
at 52,950 yuan ($7,980) a tonne.
    * CURRENCIES: The euro hit a two-month low against the yen
on Monday and eased against the dollar as German Chancellor
Angela Merkel's efforts to form a three-way coalition government
failed, raising concerns over political uncertainty in the euro
zone's largest economy.
    * NEW CALEDONIA: Eramet said its New Caledonian nickel
operations were not affected after tsunami waves were observed
in New Caledonia and Vanuatu after a magnitude 7 earthquake
struck between the Pacific Islands on Monday.
    * NICKEL: LME nickel slipped 0.6 percent, cutting
into Friday's 1.8-percent advance and heading back towards
one-month lows.
    * PHILIPPINES: Philippine President Rodrigo Duterte has not
lifted a ban on open pit mining, his spokesman said on Monday,
amid plans by a government panel to seek the removal of the
policy.
    * INVESTORS: Hedge funds and money managers cut their net
long position in copper futures and options to the lowest since
July, in the latest week the U.S. Commodities Futures Trading
Commission said on Friday.
    * SHFE COPPER OPTIONS: The China Securities Regulatory
Commission has approved an application from the Shanghai Futures
Exchange (ShFE) to trade copper futures options, the official
Shanghai Securities News reported on Sunday.
    * SHFE ALUMINIUM: Prices fell 2.1 percent, breaking
below the 200-day moving average, with the chart picture
deteriorating and signalling further losses. Prices have been
supported by production cutbacks in China over winter. 
            
    MARKETS NEWS    
    * Asian shares pulled back on Monday, with investor
sentiment hurt by a retreat on Wall Street and a slide in
Chinese stocks, while the euro skidded after German coalition
talks hit an impasse.    
    PRICES    
 
 BASE METALS PRICES                      0700 GMT             
 Three month LME copper                                   6767
 Most active ShFE copper                                 52950
 Three month LME aluminium                              2089.5
 Most active ShFE aluminium                              15130
 Three month LME zinc                                   3159.5
 Most active ShFE zinc                                   25165
 Three month LME lead                                     2439
 Most active ShFE lead                                   18670
 Three month LME nickel                                  11585
 Most active ShFE nickel                                 93840
 Three month LME tin                                     19480
 Most active ShFE tin                                   142650
                                                              
 BASE METALS ARBITRAGE                                        
 LME/SHFE COPPER                LMESHFCUc3              601.93
 LME/SHFE ALUMINIUM             LMESHFALc3             -971.73
 LME/SHFE ZINC                  LMESHFZNc3               380.6
 LME/SHFE LEAD                  LMESHFPBc3             -860.34
 LME/SHFE NICKEL                LMESHFNIc3             2296.14
 
($1 = 6.6350 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; Editing by Richard Pullin and
Joseph Radford)
  
 
 
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