May 30, 2017 / 7:53 AM / in 3 years

METALS-London copper drifts as dollar climbs in holiday-thinned trade

 (Adds comment, detail; updates prices)
    By Melanie Burton
    MELBOURNE, May 30 (Reuters) - London copper prices drifted
on Tuesday as the dollar climbed, with markets waiting for
trading to resume in top metals consumer China after a public
holiday.
    "Holidays across the globe saw markets remain directionless.
Investors are likely to remain relatively subdued leading into
key economic data releases later this week," said Kingdom
Futures in a report.
    
    FUNDAMENTALS
    * LME COPPER: London Metal Exchange copper was down
0.8 percent at $5,610 a tonne by 0724 GMT, as trade resumed
after a long weekend. Other metals slipped less than half a
percent from Friday's close.
    * VOLUMES: Volumes were very thin, with less than 4,000 lots
of turnover across London base metal contracts. 
    * DOLLAR: The dollar hit the highest since May 19 against a
basket of currencies, making metals more expensive for buyers
paying with other currencies. 
    * SHFE: The Shanghai Futures Exchange was closed for the
Dragon Boat Festival and will reopen on Wednesday. 
    * CHINA: Factory activity in China is expected to have grown
at its slowest pace in eight months, a Reuters poll showed, as
previous stimulus fades and policymakers focus on tackling
rising debt - a sign the cool down in manufacturing will persist
through 2017.
    * EURO ZONE: Euro zone growth may be improving but inflation
remains subdued and still requires substantial stimulus,
European Central Bank President Mario Draghi said on Monday,
tempering expectations for the bank's June 8 policy meeting.

    * CHILE COPPER: Companies have stepped up their requests for
engineers and other positions at early stage mining projects in
Chile, a local recruiter said on Monday, in a further sign of
activity warming up in the industry.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * The euro came under pressure on Tuesday after a media
report that Greece may forego its next bailout payment if
creditors cannot strike a debt relief deal, while Asian stocks
were shackled by holidays in some regional markets and the
United States and UK.    
    
    DATA AHEAD (GMT) 
     0530  France  Detailed GDP Q1 
     0600  Germany Import prices April 
     0645  France Consumer confidence May 
     0645  France Consumer spending April 
     0900  Euro zone Business climate May 
     1200  Germany Consumer prices May 
     1230  U.S. Personal income April 
     1300  U.S. S&P/Case-Shiller housing index March 
     1400  U.S. Consumer confidence May     
    PRICES
    
 BASE METALS PRICES             0725 GMT            
 Three month LME copper                       5607.5
 Most active ShFE copper                           0
 Three month LME aluminium                    1948.5
 Most active ShFE aluminium                        0
 Three month LME zinc                           2631
 Most active ShFE zinc                             0
 Three month LME lead                         2114.5
 Most active ShFE lead                             0
 Three month LME nickel                         9050
 Most active ShFE nickel                           0
 Three month LME tin                           20380
 Most active ShFE tin                              0
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER             LMESHFCUc3            0
 LME/SHFE ALUMINIUM          LMESHFALc3            0
 LME/SHFE ZINC               LMESHFZNc3            0
 LME/SHFE LEAD               LMESHFPBc3     -1487.01
 LME/SHFE NICKEL             LMESHFNIc3      1928.53
    

    
 (Reporting by Melanie Burton; Editing by Sherry Jacob-Phillips
and Joseph Radford)
  
 
 
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