June 20, 2017 / 6:15 AM / in 3 years

METALS-LME copper flat as stronger dollar caps gains

 (Updates prices)
    By Melanie Burton
    MELBOURNE, June 20 (Reuters) - London copper prices were
largely unchanged on Tuesday, as a stronger dollar capped gains
after comments by a Federal Reserve official that boosted
confidence in another U.S. interest rate hike this year.
    London nickel found support after an Indonesian nickel
smelting official said that 13 Indonesian smelters would halt
operations after prices fell below their cost of production. 
    * LME COPPER: London Metal Exchange copper was down
0.1 percent at $5,718 a tonne, as of 0731 GMT, following a 1
percent gain in the previous session. Prices have found support
around $5,645 a tonne and a ceiling around $5,800 a tonne. 
    * SHFE COPPER: Shanghai Futures Exchange copper
edged up 0.5 percent to 45,840 yuan ($6,708) a tonne. 
    * USD: The dollar reached a more than three-week high versus
the yen on Tuesday, after an influential Federal Reserve
official said U.S. inflation should rise alongside wages,
reinforcing expectations for the Fed to keep raising interest
    * LONDON NICKEL: LME nickel rose 0.3 percent. About
a dozen newly constructed nickel smelters in Indonesia have
stopped operations due to a plunge in nickel prices while others
are operating at a loss, an industry association executive said
on Monday.
    * NICKEL COMMENT: "This news is likely to stabilise the
nickel price and more specifically create a floor," said 
Sydney-based Shaw and Partners resources analyst Peter O’Connor.
    * INFRASTRUCTURE: State-owned China Railway Group
 has signed a $2.5 billion memorandum of
understanding with Russia to build a high-speed railway in the
country, the China Daily reported on Tuesday.
    * NOBLE: Noble Group Ltd on Tuesday confirmed it
had extended a key debt deadline and was in "constructive" talks
with potential investors, but the crisis-hit trader also pushed
back payment of the coupon on a closely watched bond.

    * TIN: China's Yunnan Tin Co Ltd the world's
biggest tin producer, says it has received government approval
for so-called "processing trade", churning out refined metal for
export using concentrate shipped in from abroad.
    * For the top stories in metals and other news, click       
    MARKETS: Japan's Nikkei rose more than 1 percent to
a near two-year high on Tuesday, encouraged by rebound in U.S.
hi-tech shares as investors bet on solid growth in the economy
and corporate profits globally.    
 BASE METALS PRICES             0729 GMT         
 Three month LME copper                      5723
 Most active ShFE copper                    45840
 Three month LME aluminium                 1902.5
 Most active ShFE                           13995
 Three month LME zinc                      2565.5
 Most active ShFE zinc                      21415
 Three month LME lead                        2140
 Most active ShFE lead                      17665
 Three month LME nickel                      9045
 Most active ShFE nickel                    74730
 Three month LME tin                        19545
 Most active ShFE tin                      143120
 BASE METALS ARBITRAGE                           
 LME/SHFE COPPER            LMESHFCUc3     260.18
 LME/SHFE ALUMINIUM         LMESHFALc3    -1116.4
 LME/SHFE ZINC              LMESHFZNc3     360.27
 LME/SHFE LEAD              LMESHFPBc3    -213.11
 LME/SHFE NICKEL            LMESHFNIc3    1918.22
($1 = 6.8333 Chinese yuan)

 (Reporting by Melanie Burton; Editing by Richard Pullin and
Sherry Jacob-Phillips)
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