October 24, 2017 / 10:29 AM / 2 years ago

METALS--Copper price hits one-week high on global growth hopes

* LME/ShFE arb: bit.ly/2wZSAEz (Adds closing prices)

By Maytaal Angel

LONDON, Oct 24 (Reuters) - The price of copper hit a one-week high on Tuesday while other metals also gained as the dollar dipped and investors remained optimistic about global economic growth prospects, al though risks of a slowdown remained, especially in top consumer China.

The dollar eased against a basket of currencies while Asian share prices held near recent highs, with Chinese stocks edging up as the ruling Communist Party moved to the final stages of its twice-a-decade congress.

“The prevailing sentiment in copper is bullish based on this synchronised global growth backdrop we’re seeing, but when you’re close to these levels the probability of a slowdown is much higher,” said Julius Baer analyst Carsten Menke.

“We see an oversupplied copper market next year partly driven by a slowdown in China on the property and infrastructure side, and we have mine production coming back after this year’s strikes.”

*LME COPPER: Three-month copper on the London Metal Exchange ended 0.4 percent higher at $7,035 a tonne, having touched a one-week high of $7,123. Copper prices breached $7,000 a tonne last week for the first time in more than three years.

* CHINA COPPER BULLS: A private coal mining investor in Shanxi province is the main actor behind a dramatic increase in bullish bets in Chinese copper futures, driving a futures brokerage to a near $3 billion position that has fuelled a surge in prices to 4-1/2-year highs.

* CHINA REFINED COPPER OUTPUT: Data on Monday showed China’s refined copper output was at the highest level since December 2014.

* ALUMINIUM PRICE: Aluminium closed up 0.8 percent at $2,155.

* ALUMINIUM CONSUMPTION: China’s biggest state-run aluminium producer said consumption of the metal is set to increase by 9-10 percent this year on the back of strong downstream demand, and to keep growing at a faster rate than the country’s gross domestic product (GDP) in 2018.

* ZINC: Zinc added 1.5 percent to close at $3,177 a tonne, having earlier touched a one week high of $3,197. Zinc output in China slipped 2.7 percent in September to 537,000 tonnes, highlighting worries that winter production cuts are tightening supplies.

* NICKEL PRICE: LME nickel rose 1.1 percent to $11,995 a tonne.

* NICKEL EXPORTS: Indonesia’s PT Aneka Tambang Tbk received a recommendation from the mining ministry for an additional 1.25 million tonnes of nickel ore exports over the next 12 months.

* PHILIPPINE MINING: A Philippine government panel on Tuesday recommended lifting the ban on open-pit mining, a policy implemented this year by the previous environment minister and supported by President Rodrigo Duterte.

* OTHER METALS: Lead ended down 1.2 percent at $2,470 while tin traded up 1 percent at $19,775.

Additional reporting by James Regan; Editing by David Evans and Edmund Blair

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