May 23, 2017 / 7:39 AM / 3 years ago

METALS-Copper slips on profit-taking after big overnight gain

 (Updates prices)
    MELBOURNE, May 23 (Reuters) - London copper slipped on
Tuesday amid modest profit-taking after posting its highest
price in three weeks overnight.
    
    COPPER: London Metal Exchange copper was down 0.5
percent at $5,669 a tonne as of 0710 GMT, reversing a slightly
firmer close in the previous session when it touched the highest
since May 3 at $5,720 a tonne. 
    * Shanghai Futures Exchange copper slipped 0.09
percent at 45,770 yuan ($6,642) a tonne.
    * ZINC, LEAD UP: LME zinc and lead were also
buoyed by a positive tone in steel, up 0.3 percent and 0.7
percent respectively, after China pledged to cut polluting
factories. 
    * NICKEL SOFTENS: LME nickel retreated 0.6 percent
to $9,335 a tonne following hefty overnight gains. The
contract's softness left ShFE nickel 0.28 percent
weaker at the close.  
    * TIGHTNESS DISSOLVES: Nearby tightness in lead spreads
dissolved, falling from a $34.50 premium for cash over the
three-month contract in late April to a $23.25 discount
overnight, which was the widest contango since July 2014 and
which may flag a big delivery into LME exchange warehouses.
CMPB0-3
    * STEEL JUMPS: Chinese steel futures jumped more than 6
percent on Monday to their highest since March, stretching last
week's gains on concerns over limited supply as Beijing keeps up
a campaign to clamp down on polluting producers.
    * ASIA DISAGREES: Asian countries disagreed over a
China-backed free trade deal at talks on Monday, raising
questions over a target for concluding negotiations by the end
of the year.
    * COPPER SURPLUS: The global world refined copper market
showed a 93,000 tonnes surplus in February, compared with a
55,000 tonnes surplus in January, the International Copper Study
Group (ICSG) said in its latest monthly bulletin.    
    * STERLING SLIPS: Sterling slipped after a suspected suicide
attack killed at least 19 people and wounded 59 at a pop concert
in the English city of Manchester, while the euro held gains
made after German Chancellor Angela Merkel said it was "too
weak". European markets were poised for a positive
start.        
    
 BASE METALS PRICES               0133 GMT          
 Three month LME copper                         5709
 Most active ShFE copper                       46060
 Three month LME aluminium                      1938
 Most active ShFE aluminium                    14010
 Three month LME zinc                         2652.5
 Most active ShFE zinc                         22380
 Three month LME lead                           2113
 Most active ShFE lead                         15745
 Three month LME nickel                         9430
 Most active ShFE nickel                       78390
 Three month LME tin                           20420
 Most active ShFE tin                         145810
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER               LMESHFCUc3     115.28
 LME/SHFE ALUMINIUM            LMESHFALc3   -1537.97
 LME/SHFE ZINC                 LMESHFZNc3     362.09
 LME/SHFE LEAD                 LMESHFPBc3   -1646.33
 LME/SHFE NICKEL               LMESHFNIc3    1045.91
 ($1 = 6.8914 Chinese yuan)

    
 (Reporting by Melanie Burton and James Regan; Editing by Joseph
Radford and Biju Dwarakanath)
  
 
 
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