May 9, 2018 / 1:56 AM / 7 months ago

METALS-Copper rises, but caution after Trump scraps Iran nuclear deal

    MANILA, May 9 (Reuters) - London copper futures edged higher
on Wednesday after sliding more than 1 percent in the previous
session, however, gains were limited with investors cautious
after the United States pulled out of an international nuclear
deal with Iran.
    U.S. President Donald Trump said he would reimpose U.S.
economic sanctions on Iran to undermine "a horrible one-sided
deal that should have never, ever been made".    
    Three-month copper on the London Metal Exchange was
up 0.9 percent at $6,806 a tonne, as of 0135 GMT.
        
    SHANGHAI COPPER: The most-traded July copper contract on the
Shanghai Futures Exchange was off 0.7 percent at 51,060
yuan ($166) a tonne, tracking Tuesday's losses on the London
contract.
    DOLLAR: The gains in London copper come even as the U.S.
dollar stayed near a four-month high versus a basket of major
currencies. The dollar's advance was briefly stalled
after Trump's Tuesday announcement.
    U.S.-CHINA TALKS: Trump and Chinese President Xi Jinping
discussed ongoing trade issues, as both sides continue to
position themselves amid a heated feud over tariffs between the
world's two largest economies.
    FEDERAL RESERVE: The Federal Reserve is entering new terrain
in its post-crisis planning: how to describe the conditions
under which it would try to slow the economy and to do so
without alarming financial markets.
    CHILE OUTPUT: Copper output in Chile, the world's top
producer and exporter, rose 18.9 percent in the first quarter of
2018 from the same period a year earlier to 1.42 million tonnes.

    MARKETS: Crude oil prices jumped back to near 3-1/2-year
highs on Wednesday after Trump's move on Iran, sparking worries
about global oil supplies.    
    OTHER METALS: LME aluminium rose 0.6 percent to
$2,368.50 a tonne, zinc climbed 1 percent to $3,089.50
and lead jumped 1.2 percent to $2,314.50. 
    In Shanghai, aluminium eased 0.5 percent to 14,670
yuan a tonne and nickel slipped 0.5 percent to 104,330
yuan.
        
    DATA AHEAD (GMT)
    0645  France             Industrial output            March
    1400  U.S.               Wholesale sales              March 
              
 BASE METALS PRICES                                    0133 GMT
 Three month LME copper                                    6806
 Most active ShFE copper                                  51060
 Three month LME aluminium                               2368.5
 Most active ShFE aluminium                               14670
 Three month LME zinc                                    3089.5
 Most active ShFE zinc                                    23830
 Three month LME lead                                    2314.5
 Most active ShFE lead                                    18940
 Three month LME nickel                                   13885
 Most active ShFE nickel                                 104330
 Three month LME tin                                      20985
 Most active ShFE tin                                    145800
                                                               
 BASE METALS ARBITRAGE                                         
 LME/SHFE COPPER                    LMESHFCUc3           484.59
 LME/SHFE ALUMINIUM                 LMESHFALc3         -2767.67
 LME/SHFE ZINC                      LMESHFZNc3           467.72
 LME/SHFE LEAD                      LMESHFPBc3           606.85
 LME/SHFE NICKEL                    LMESHFNIc3         -1228.77
    
($1 = 6.3733 Chinese yuan)

    
 (Reporting by Manolo Serapio Jr., Editing by Sherry
Jacob-Phillips)
  
 
 
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