September 26, 2017 / 10:08 AM / 3 years ago

METALS-Copper turns lower as oil retreats, dollar strengthens

* Copper resumes slide, heads back towards 1-mth low

* Zinc spreads hit highest since early 2007

* LME/ShFE arb: (Updates with closing prices)

By Jan Harvey

LONDON, Sept 26 (Reuters) - Copper closed lower on Tuesday, extending four straight days of losses as oil prices retreated from the previous session’s more than two-year high and the dollar strengthened.

“Base metals prices this morning were supported by the sharp rise in oil prices. Now oil is down, and the dollar is somewhat firmer, so this seems to be weighing on prices,” Commerzbank analyst Daniel Briesemann said.

“Last week was the third week in a row that speculative financial investors withdrew from copper,” he said. “It seems the base metals are losing support from one of the most important factors of the last few months, those speculators.”

* LME COPPER: London Metal Exchange copper ended the day down 0.6 percent at $6,411 a tonne. Prices touched their lowest since mid-August on Friday at $6,366 a tonne.

* OIL: Brent crude prices fell on Tuesday after investors took profit after the previous session’s rally to 26-month highs, spurred largely by threats from Turkey to cut oil exports from Iraq’s Kurdistan region.

* FINANCIAL MARKETS: World stocks and the euro fell for a fourth day, with investors that had piled into both all year taking a step back as the list of global uncertainties began to lengthen again.

* ELECTRIC REVOLUTION: This year looks set to be the “tipping point” for electric cars, global miner BHP’s chief commercial officer said on Tuesday, with the impact for metals producers felt first in copper, where supply will struggle to match increased demand.

* LME ZINC/LEAD: LME zinc closed up 0.6 percent at $3,116 a tonne, while lead ended 0.5 percent higher at $2,488 a tonne.

* ZINC STOCKS: Zinc stocks in LME-registered warehouses MZN-STOCKS fell a further 1,600 tonnes on Monday, exchange data showed, and are down 39 percent this year.

* ZINC WARRANTS: Another 20,350 tonnes of zinc warrants were cancelled, meaning metal had been earmarked for delivery and was no longer available to the wider market.

* SPREADS: The premium of cash zinc to the three-month contract CMZN0-3 rose to its highest since early 2007 at $69, reflecting tight supplies of immediately available metal.

* 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.

* OTHER METALS: LME tin closed little changed at $20,710, while nickel finished down 0.9 percent at $10,480 and aluminium ended 1 percent lower at $2,126.

Additional reporting by Melanie Burton in Melbourne; Editing by Greg Mahlich

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