February 12, 2018 / 4:26 AM / 3 months ago

CORRECTED-METALS-London copper pops off two-month lows, eyes Lunar New Year

 (Corrects to show intraday percentage decline in London copper
during Friday's session was 1.6 percent, not 1.3 percent, in
first bullet)
    By Melanie Burton
    MELBOURNE, Feb 12 (Reuters) - London copper climbed away
from its lowest in nearly two months on Monday as the dollar
dropped, although traders remained cautious about demand after
the Lunar New Year holiday that starts this week. 
    Chinese demand for metals and supply constraints should be
supportive in 2018, while recent price strength looks to be a
function of global growth and demand, said Citi in a report. 
    "(However) while we expect housing-related metals demand to
stay fairly robust, potential slowdown of power infrastructure
and machinery spending appears worrisome," it said.
    
    FUNDAMENTALS
    * LME COPPER: London Metal Exchange copper rose 1.7
percent to $6,867 a tonne by 0346 GMT, recouping losses from the
previous session when it lost as much as 1.6 percent to hit
$6,733 a tonne, the weakest since Dec. 14. Prices also crashed
through the 100-day moving average, worsening copper's chart
picture. 
    * SHFE COPPER: Shanghai Futures Exchange copper cut
losses to 0.3 percent at 51,660 yuan ($8,199) a tonne, having
hit its weakest since late September amid a rout in China's
sharemarkets ahead of the Lunar New Year. Open interest is at
the highest in nearly two years. 
    * HOLIDAYS: The Shanghai Futures Exchange will close from
the evening of Feb. 14, 2018.
    * DEMAND: U.S. President Donald Trump will roll out an
infrastructure plan on Monday that already faces significant
hurdles in Congress because it does not offer as much new
federal funding as Democrats want or directly address how to pay
for the effort.
    * U.S. ECONOMY: A surprise surge in U.S. wage growth has
rocked global stock and bond markets in the past week, and
inflation figures from three of the world's biggest economies
could dictate whether investors are in for another rollercoaster
ride in the coming week.
    * POLLUTION: China's top steelmaking city of Tangshan said
on Friday it would extend restrictions on production beyond the
end of the winter heating season on March 15.
    * INVESTORS: Hedge funds and money managers cut their net
long position in COMEX copper in the week to Feb. 6,  U.S.
Commodity Futures Trading Commission data showed on Friday.

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    MARKETS NEWS    
    * Asian share markets were struggling to find their footing
on Monday as investors fretted about the risks from looming U.S.
inflation data, although early gains on S&P futures offered a
sliver of support.    
        
    DATA/EVENTS    
    No major data scheduled for Monday Feb. 12
    PRICES    
                                         0403          
 Three month LME copper                          6865.5
 Most active ShFE copper                          51650
 Three month LME aluminium                       2128.5
 Most active ShFE aluminium                       14165
 Three month LME zinc                            3403.5
 Most active ShFE zinc                            26075
 Three month LME lead                            2541.5
 Most active ShFE lead                            19135
 Three month LME nickel                           13070
 Most active ShFE nickel                          99480
 Three month LME tin                              21125
 Most active ShFE tin                            146510
                                                       
                                                       
 LME/SHFE COPPER              LMESHFCUc3        1191.25
 LME/SHFE ALUMINIUM           LMESHFALc3        -1339.9
 LME/SHFE ZINC                LMESHFZNc3         660.58
 LME/SHFE LEAD                LMESHFPBc3        -203.83
 LME/SHFE NICKEL              LMESHFNIc3        2324.33
 

($1 = 6.3010 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; editing by Richard Pullin)
  
 
 
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