July 27, 2017 / 7:54 AM / 3 years ago

METALS-London copper buoyed near highest in more than two years

 (Updates prices)
    By Melanie Burton
    MELBOURNE, July 27 (Reuters) - London copper on Thursday
hovered below two-year highs touched in the previous session,
supported by a weaker dollar and increasingly upbeat views about
China's economic growth and metals demand. 
    The base metals sector has pushed higher, driven by positive
sentiment about the Chinese economy and commodity demand, ANZ
said in a report.
    "This has been compounded by easing fears of tighter
liquidity in China," it added.
    Earnings for China's industrial firms surged 19.1 percent in
June from a year earlier, accelerating from May in a sign
economic momentum remains solid even as rising borrowing costs
have raised concerns about pressure on margins.
    "There was also much chatter about a potential ban on the
imports of copper scrap into China. However the ban may not take
place for another 18 months, (so) the impact on the copper units
being imported into China would be minimal," ANZ said.
        
    * LONDON COPPER: London Metal Exchange copper had
edged up 0.2 percent to $6,342.50 a tonne by 0740 GMT. That
followed a 1.7-percent advance in the previous session, when the
metal topped out at its highest since May 2015 at $6,400 a
tonne. 
    * SHANGHAI COPPER: Shanghai Futures Exchange copper
climbed 0.4 percent to 50,040 yuan ($7,437) a tonne. 
    * CHINA SCRAP METAL: China may ban imports of some scrap
metal, including copper, from the end of 2018, according to an
industry association notice, which may lead to higher refined
copper imports into the world's largest consumer of the metal.

    * U.S. FED: The Federal Reserve kept interest rates
unchanged on Wednesday and said it expected to start winding
down its massive holdings of bonds "relatively soon" in a sign
of confidence in the U.S. economy. 
    * RUSAL: Russia's Rusal said it expects oversupply in
China's aluminium market to narrow in the second half, leading
to a "much tighter market" for 2018. It also expects another 2-3
million tonnes of operating capacity to be shut by year-end.

    * LONDON TIN: LME tin traded up 1.7 percent, having
struck its highest in two months at $20,675 a tonne. Prices have
been buoyed by falling stocks in LME warehouses.
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 BASE METALS PRICES                   0739 GMT           
 Three month LME copper                            6345.5
 Most active ShFE copper                            50040
 Three month LME aluminium                         1942.5
 Most active ShFE aluminium                         14435
 Three month LME zinc                              2823.5
 Most active ShFE zinc                              23335
 Three month LME lead                              2333.5
 Most active ShFE lead                              18215
 Three month LME nickel                             10125
 Most active ShFE nickel                            81790
 Three month LME tin                                20675
 Most active ShFE tin                              150310
                                                         
 BASE METALS ARBITRAGE                                   
 LME/SHFE COPPER                LMESHFCUc3         197.81
 LME/SHFE ALUMINIUM             LMESHFALc3        -738.66
 LME/SHFE ZINC                  LMESHFZNc3         707.54
 LME/SHFE LEAD                  LMESHFPBc3        -838.52
 LME/SHFE NICKEL                LMESHFNIc3        1278.65
 

($1 = 6.7273 Chinese yuan renminbi)

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