March 27, 2017 / 2:19 AM / 3 years ago

METALS-London copper wobbles in wake of Trump healthcare setback

(Updates prices)

By Melanie Burton

MELBOURNE, March 27 (Reuters) - London copper slipped for a second day on Monday as risk appetite fell after President Donald Trump’s failure to push through healthcare reform fanned concerns over his ability to realise his economic agenda.

The “Trump trade” that pumped up exuberance and boosted assets including metals was reversing, said economist Amy Li at National Australia Bank in Melbourne, although she expected prices to be well supported on fundamentals.

“On copper there is so much uncertainty, Escondida, Indonesia, the Philippines, and on the demand side it seems China isn’t doing too badly, especially given upbeat global sentiment and improving growth in advanced economies.”

* LME COPPER: London Metal Exchange copper had slipped by 1.2 percent to $5,734 a tonne by 0700 GMT, erasing small gains from the previous session and piercing support at the 100-day moving average (DMA) around $5,749 a tonne.

* SHFE COPPER: Shanghai Futures Exchange copper slid by 1.6 percent to 46,260 yuan ($6,734) a tonne. Shfe copper has broken below support on the monthly chart at the 100-DMA and hit the lowest since March 3 at 46,150 yuan a tonne.

* LME UPGRADE: The LME updated its electronic platform LMEselect on Monday. “All members were informed some time ago via official notices that resting orders would not be retained when the upgrade was rolled out,” the LME said in a statement. “Trading has been normal today and no disruption was observed.”

* U.S. ECON: New U.S. single-family home sales jumped to a seven-month high in February, suggesting the housing market recovery was gaining momentum despite higher prices and rising mortgage rates.

* VEDANTA: Indian mining company Vedanta Resources said on Friday it will invest $1 billion in its Zambian mining unit Konkola Copper Mines (KCM), creating 7,000 jobs.

* COPPER SPECS: Hedge funds and money managers boosted their bullish position in copper futures and options by 2,231 lots to 54,680 in the week to March 21, U.S. Commodity Futures Trading Commission data showed on Friday.

* SHANGHAI STOCKS: SHFE copper stocks saw a large 12,694 draw from warehouses in the latest week, bringing stocks down to around 312,500 tonnes, the lowest since the start of the month. CU-STX-SGH

* MARKETS NEWS: U.S. stock futures and the dollar fell on Monday while Asian markets struggled as President Donald Trump’s failure on healthcare reform raised questions about his ability to push through tax cuts and fiscal spending to boost the economy.

* METALS: LME zinc, lead, nickel and tin all fell around 2 percent. LME nickel extended selling from last week when the Philippines said it would allow miners who had been ordered shut on environmental concerns to export stockpiled material.

* COMING UP: Germany Ifo business climate for March at 0800 GMT


Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS ($1 = 6.8699 Chinese yuan)

Reporting by Melanie Burton; Editing by Richard Pullin and Subhranshu Sahu

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