April 27, 2017 / 6:31 AM / in 3 years

METALS-Copper drifts as China manufacturing growth seen slowing

 (Updates prices)
    By Melanie Burton
    MELBOURNE, April 27 (Reuters) - London copper drifted on
Thursday as markets were underwhelmed by U.S. President Donald
Trump's proposed tax cuts and the focus shifted to concerns over
China's manufacturing growth.
    The pace of expansion in China's manufacturing sector likely
slowed this month, a Reuters poll showed, as factory-gate prices
lost steam and authorities moved to tackle risks in the property
market and credit growth. Data is due on Sunday, April 30.
    Both the London Metal Exchange and Shanghai Futures Exchange
will be closed on May 1.
    "The metals question now appears to be what will happen at
month end," said Kingdom Futures in a report. "Add to this a
long weekend due to the May Day holidays and it could just get a
little lively."
    COPPER: Three-month copper on the London Metal Exchange
 was flat at $5,717.50 a tonne by 0727 GMT, after closing
little changed from the previous session. Prices on Wednesday
touched the highest since April 18 at $5,738, recovering from
more-than-three-month low hit earlier this month.
    SHANGHAI: Shanghai Futures Exchange copper traded
up 0.1 percent at 46,290 yuan ($6,711) a tonne. Volumes across
the LME and SHFE complexes were low ahead of a slew of Chinese
industrial reports.
    CHINA LIABILITIES: Chinese industrial firms' liabilities
rose 6.6 percent from a year earlier as of end-March, compared
with an increase of 6.6 percent in the first two months of 2017.

    TAX CUTS: President Donald Trump unveiled a one-page plan on
Wednesday proposing deep U.S. tax cuts, many for businesses,
that would make the federal deficit balloon if enacted.

    PHILIPPINES: Philippine Environment Secretary Regina Lopez
said on Thursday she is banning open-pit mining in the country,
part of a months-long crackdown on the sector she blames for
extensive environmental damage.
    FREEPORT: Freeport McMoRan is preparing three copper
concentrate export shipments from its giant Grasberg mine in
Indonesia after a 15-week outage, sources with direct knowledge
of the matter said.
    ALUMINIUM: The U.S. Commerce Department launched an
investigation on Wednesday to determine whether a flood of
aluminium imports from China and elsewhere was compromising U.S.
national security, a step that could lead to broad import
restrictions on the metal.
    MARKETS NEWS: Asian shares eased from a near two-year high
on Thursday as a long-awaited U.S. tax cut plan failed to
inspire investors, though sentiment remained supported by global
growth prospects and receding worries about political risks in
Europe.[ MKTS/GLOB]
    COMING UP: U.S. Durable goods Mar at 1230 GMT
 BASE METALS PRICES              0726 GMT          
 Three month LME copper                        5714
 Most active ShFE copper                      46280
 Three month LME aluminium                   1967.5
 Most active ShFE                             14375
 Three month LME zinc                        2628.5
 Most active ShFE zinc                        21745
 Three month LME lead                          2186
 Most active ShFE lead                        16170
 Three month LME nickel                        9270
 Most active ShFE nickel                      77920
 Three month LME tin                          19880
 Most active ShFE tin                        139760
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER            LMESHFCUc3       294.05
 LME/SHFE ALUMINIUM         LMESHFALc3     -1390.44
 LME/SHFE ZINC              LMESHFZNc3       139.81
 LME/SHFE LEAD              LMESHFPBc3     -1910.86
 LME/SHFE NICKEL            LMESHFNIc3      1510.95
($1 = 6.8936 Chinese yuan)

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