April 26, 2017 / 8:04 AM / in 3 years

METALS-London copper trades little changed as dollar drops

 (Adds comment, detail, updates prices)
    By Melanie Burton
    MELBOURNE, April 26 (Reuters) - London copper held near its
highest in a week on Wednesday as the U.S. dollar lost ground
against the euro in the wake of the French election, making
commodities more affordable for buyers paying with other
    Metal prices in general, however, are facing their weakest
month since May 2016 as investors scale back bullish bets,
Standard Chartered said in a report.  
    "We expect stagnant price trends to continue in Q2 as weaker
physical market, monetary tightening onshore and Trump failings
all weigh," it said. 
    LME COPPER: London Metal Exchange copper traded
little changed at $5,699.50 a tonne by 0737 GMT, adding to a 0.9
percent gain from the previous session. LME copper prices on
Wednesday hit a one-week top at $5,731 a tonne, recovering from
near three-month lows hit on April 19.
    * SHFE COPPER: Shanghai Futures Exchange copper
climbed 0.8 percent to 46,230 yuan ($6,711) a tonne.
    * China's steel futures climbed to their highest in 2-1/2
weeks on Wednesday amid unconfirmed market talk of production
curbs in cities surrounding Beijing ahead of the New Silk Road
summit in May.
    * That helped to push up LME zinc, by 0.6 percent,
to $2,619.75 a tonne. 
    * The euro edged up after hitting a 5-1/2 month high on
Tuesday as traders digested centrist candidate Emmanuel Macron's
victory in the first round of France's presidential election on
    * U.S. ECONOMY: U.S. consumer confidence fell from a more
than 16-year high in April, but a surge in new home sales to an
eight-month high last month suggested underlying strength in the
economy despite an apparent sharp slowdown in growth in the
first quarter. 
    * BHP RESULTS: BHP Billiton, cut its
full-year production guidance for coking coal and copper on
Wednesday due to bad weather at mines in Australia and
industrial action in Chile. Copper guidance was cut by 17
percent to a range of 1.33 million to 1.36 million tonnes.

    * LME: The LME wants to attract funds and reverse falling
volumes by boosting liquidity on monthly settled contracts using
prices from trading on other dates, Matt Chamberlain, the LME's
new chief executive, told Reuters.
    * Asian stocks extended gains for a fifth consecutive day on
Wednesday, as renewed optimism about the world's biggest economy
brightened the outlook for risky assets while the euro held on
to previous gains as political concerns in France ebbed.
 BASE METALS PRICES                                    
 Three month LME copper                            5703
 Most active ShFE copper                          46220
 Three month LME aluminium                       1958.5
 Most active ShFE aluminium                       14370
 Three month LME zinc                           2619.75
 Most active ShFE zinc                            21645
 Three month LME lead                            2164.5
 Most active ShFE lead                            16105
 Three month LME nickel                            9295
 Most active ShFE nickel                          77990
 Three month LME tin                              19624
 Most active ShFE tin                            137600
 BASE METALS ARBITRAGE                                 
 LME/SHFE COPPER              LMESHFCUc3         392.23
 LME/SHFE ALUMINIUM           LMESHFALc3        -1306.5
 LME/SHFE ZINC                LMESHFZNc3         190.65
 LME/SHFE LEAD                LMESHFPBc3       -1812.94
 LME/SHFE NICKEL              LMESHFNIc3        1866.29

($1 = 6.8884 Chinese yuan renminbi)

 (Reporting by Melanie Burton; Editing by Amrutha Gayathri and
Christian Schmollinger)
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