March 28, 2017 / 4:36 AM / 3 years ago

METALS-London copper steadies above two-week low as jitters fade

 (Adds detail, updates prices)
    By Melanie Burton
    MELBOURNE, March 28 (Reuters) - London copper on Tuesday
held above more than two-week lows hit the previous session,
with worries easing over President Donald Trump's ability to
push through economic reform.
    Asian stocks advanced on Tuesday after Wall Street
stabilized and the dollar was steady, as anxiety over Trump's
setback on healthcare reform gave way to tentative hopes for the
U.S. president's planned stimulus policies.
    "Key commodities held above key technical levels as selling
eased late in the trading session (on Monday). This could serve
as a platform for further gains today," ANZ said in a report.   
    
    * LONDON COPPER: Three-month copper on the London Metal
Exchange had climbed 0.5 percent to $5,788 a tonne by
0720 GMT, reversing a loss from the previous session when prices
plumbed the weakest level since March 9 at $5,671 a tonne. LME
copper found support at its 100-day moving average at $5,749.
    * SHANGHAI COPPER: Shanghai Futures Exchange copper
traded up 0.4 percent at 46,740 yuan ($6,789) a tonne.
    * CHINA MANUFACTURING: China said on Tuesday it would expand
the scope for insurance companies to provide more low-cost and
long-term funds for the manufacturing sector as part of a
broader effort to ramp up financial support for struggling
manufacturers to upgrade.
    * CHINA STEEL: Top Chinese government officials and steel
executives met in Beijing on Monday to discuss the challenges in
cutting overcapacity in the steel sector, according to a
statement posted on the website of China's state planner on
Tuesday.
    * ALUMINIUM PREMIUMS: Some Japanese aluminium buyers have
agreed to pay producers a premium of $128 per tonne for
shipments in the April-June quarter, reflecting higher overseas
spot premiums, two sources directly involved in the quarterly
pricing talks said on Monday.
    * ALUMINIUM: Aluminium for tomorrow/next day deliveries on
the LME have flared into backwardation this week, reflecting a
lack of easily available supply. CMALT-0
    * BAUXITE: Malaysia on Tuesday extended a moratorium on
bauxite mining by a further three months to June 30, looking to
clear remaining stockpiles of the aluminium raw material as it
presses the industry to halt damage to the environment.

    * OTHER METALS: ShFE lead fell 4.1 percent, tracking
3-percent losses in London lead overnight as supply
concerns faded. Prices rallied last week after a huge draw from
LME stocks. 
        
    COMING UP
    1230 U.S.  Adv Goods Trade Balance     Feb at 
    1400 U.S.  Consumer Confidence         Mar 
    1400 U.S.  Rich Fed Comp index         Mar     
    PRICES    
    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
    
 BASE METALS ARBITRAGE AT 0729 gmt                
 LME/SHFE COPPER         LMESHFCUc3         306.74
 LME/SHFE ALUMINIUM      LMESHFALc3       -1744.92
 LME/SHFE ZINC           LMESHFZNc3          44.94
 LME/SHFE LEAD           LMESHFPBc3       -1600.18
 LME/SHFE NICKEL         LMESHFNIc3           1978
 
($1 = 6.8841 Chinese yuan renminbi)

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