August 23, 2017 / 5:07 AM / 3 years ago

METALS-London metals consolidate on stronger dollar ahead of Jackson Hole

 (Updates prices)
    By Melanie Burton
    MELBOURNE, Aug 23 (Reuters) - London metals slipped on
Wednesday as the dollar stood tall ahead of a meeting of global
central bankers at Jackson Hole in the United States later in
the week. 
    "Base metals were weaker as the USD weighed on investor
appetite," ANZ said in a report.
    It also said the Shanghai Futures Exchange's move to cool
down the zinc market by imposing caps on trading positions and
raising transaction fees had dented demand. 
    * LONDON COPPER: London Metal Exchange copper had
slipped 0.2 percent to $6,564 a tonne by 0800 GMT, after ending
little changed in the previous session, when prices touched
their highest since November 2014 at $6,649 a tonne. 
    * SHANGHAI COPPER: Shanghai Futures Exchange copper
dropped 0.4 percent to 51,560 yuan ($7,743) a tonne.  
    * SHANGHAI ZINC: ShFE zinc ended down 1.1 percent,
recovering some of its earlier losses of more than 2 percent, as
new measures set down by the bourse to cool trading came into
effect. The price differential between ShFE and LME zinc and
lead prices has been encouraging for Chinese imports for most of
August, also suggesting greater deliveries into September. 
    * JAPAN MANUFACTURING: Japanese manufacturing activity
expanded at the fastest pace in three months in August as
domestic and export orders rebounded, a preliminary private
survey showed on Wednesday, highlighting that global demand
remains buoyant.
    * INDONESIA: Indonesia expects to strike an agreement this
month to allow Freeport McMoRan Inc to keep operating
its huge copper mine in Papua in the coming decades, the
country's mining and energy minister said on Tuesday.

    * CHILE: BHP Billiton's Escondida copper
mine in Chile has recovered from a six-week strike faster than
expected, with output now running at normal levels, an executive
with the company said on Tuesday.        
    * For the top stories in metals and other news, click       
    * Asian stocks steadied on Wednesday, taking a breather
after the previous day's surge, lacking the momentum to keep up
with a global rally spurred by gains for tech shares on Wall
Street and miners in Europe.    
    1345 U.S. Markit manufacturing flash PMI Aug 
    1400 Euro zone Consumer confidence flash Aug 
    1400 U.S. New home sales July     
 BASE METALS PRICES           0800 GMT        
 Three month LME copper                 6559.5
 Most active ShFE copper                 51560
 Three month LME                          2063
 Most active ShFE                        16205
 Three month LME zinc                   3120.5
 Most active ShFE zinc                   25960
 Three month LME lead                   2395.5
 Most active ShFE lead                   19570
 Three month LME nickel                  11405
 Most active ShFE nickel                 92220
 Three month LME tin                     20300
 Most active ShFE tin                   142300
 BASE METALS ARBITRAGE                        
 LME/SHFE COPPER           LMESHFCUc3   590.12
 LME/SHFE ZINC             LMESHFZNc3   1087.5
 LME/SHFE LEAD             LMESHFPBc3   256.45
 LME/SHFE NICKEL           LMESHFNIc3      609

 (Reporting by Melanie Burton; Editing by Joseph Radford and
Amrutha Gayathri)
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