December 11, 2017 / 5:26 AM / 2 years ago

METALS-London metals mixed as firm dollar dents upbeat China trade sentiment

 (Adds details, updates prices)
    By Melanie Burton
    MELBOURNE, Dec 11 (Reuters) - London metal prices turned
mixed in late Asian hours on Monday, as a resurgent dollar
dampened cheery sentiment following robust trade and
manufacturing data from China.
    The dollar probed four-week highs against the yen,
underpinned by expectations of higher U.S. interest rates after
employment data on Friday showed a bigger rise in jobs than
expected in November.
    China's exports and imports had unexpectedly accelerated
last month in an encouraging sign for the world's second-biggest
economy, though analysts expect growth to continue cooling amid
a government crackdown on financial risks and polluting
factories.
    "Base metal prices... found some support in the Chinese
trade data. However, the gains were muted as investors remained
cautious leading into the year-end," ANZ said in a report.    
    * LME ZINC: London Metal Exchange zinc cut its
advance to hold up 0.4 percent, weaving around its 100-day
moving average (DMA) of around $3,100 on supply woes.
    * ZINC PRODUCTION: China's zinc production fell by 1.1
percent year-on-year in November to 423,000 tonnes, said
Antaike. The state-backed research firm expects 2017 production
to drop by 60,000 tonnes-80,000 tonnes year-on-year.

    * LONDON COPPER: LME copper cut early gains to trade
slightly lower at $6,564 a tonne by 0708 GMT, after closing
little changed in the previous session and finishing the week
down nearly 4 percent. 
    * Prices have climbed by 18 percent so far this year, in
line with gains in aluminium, zinc and lead. 
    * COPPER IMPORTS: China's rising copper imports "backs up
our view that a tightening copper-concentrate market is pushing
many buyers into the refined metal market to satisfy its copper
units," said ANZ.
    * COPPER SUPPORT. "We've seen good buying support again (on
copper) so probably won't run too far lower from here," a
Singapore-based trader said. 
    * SHANGHAI COPPER: Shanghai Futures Exchange copper
slipped 0.4 percent to 51,320 yuan ($7,75) a tonne. Shanghai
rebar cut gains to 1.5 percent, while Dalian iron ore
 turned negative having advanced earlier as much as 4
percent.
    * U.S. ECONOMY: U.S. job growth increased at a strong clip
in November, painting a portrait of a healthy economy that
analysts say does not require the kind of fiscal stimulus that
President Donald Trump is proposing, even though wage gains
remain moderate.
    * CHINA INFLATION: China's producer price inflation slowed
to a four-month low in November as factory activity softened due
to the government's efforts to curb pollution, cooling demand
from factories for raw materials.
    * INVESTORS: Speculators slashed their long positions on
COMEX copper futures and options by around a third to 54,881
positions in the latest week, Comex data showed.              

    PRICES    
    
 BASE METALS PRICES                    0702 GMT              
 Three month LME copper                                6559.5
 Most active ShFE copper                                51300
 Three month LME aluminium                             2012.5
 Most active ShFE aluminium                             14235
 Three month LME zinc                                  3090.5
 Most active ShFE zinc                                  24640
 Three month LME lead                                    2453
 Most active ShFE lead                                  18490
 Three month LME nickel                                 10895
 Most active ShFE nickel                                87850
 Three month LME tin                                    19375
 Most active ShFE tin                                  137600
                                                             
 BASE METALS ARBITRAGE                                       
 LME/SHFE COPPER              LMESHFCUc3               672.27
 LME/SHFE ALUMINIUM           LMESHFALc3             -1226.43
 LME/SHFE ZINC                LMESHFZNc3               335.48
 LME/SHFE LEAD                LMESHFPBc3              -1118.1
 LME/SHFE NICKEL              LMESHFNIc3              2424.73
 
($1 = 6.6160 Chinese yuan)

    
 (Reporting by Melanie Burton; Editing by Sherry Jacob-Phillips
and Subhranshu Sahu)
  
 
 
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