October 30, 2017 / 5:53 AM / 3 years ago

METALS-London copper near 2-week low on firm dollar

 (Updates prices)
    By Melanie Burton
    MELBOURNE, Oct 30 (Reuters) - London copper steadied on
Monday, not far from a two-week low hit in the previous session
on persistent headwinds from a stronger dollar.
   "The selling of metals that ended last week has carried on
into this week albeit on fairly light volumes," said broker
Kingdom Futures in a report. 
    * LME COPPER: London Metal Exchange copper traded up
0.2 percent at $6,842.50 a tonne by 0740 GMT, finding its feet
after more than 2 percent losses in the previous session. Prices
on Friday sank to their lowest since Oct. 11 at $6,782.50. 
    * SHFE COPPER: Shanghai Futures Exchange copper
ended 1.5 percent lower at 53,570 yuan ($8,061) a tonne.
    * DLR: The dollar edged away from last week's three-month
highs on Monday, while the euro nursed losses after the European
Central Bank and unrest in Spain's Catalonia led it to post its
worst week this year. A stronger dollar makes metals less
affordable for buyers paying with other currencies.
    * COPPER DEMAND: China's plan to upgrade its industrial
sector with "smart" factories, green manufacturing and transport
is expected to increase annual copper demand by 232,000 tonnes
by 2025, an industry group said on Friday.
    * COPPER: Investors continued to file into copper. Hedge
funds and money managers raised their net long positions in
copper by 1,026 contracts to 108,739 contracts, a six-week high,
in the week to Oct. 24, U.S. Commodity Futures Trading
Commission (CFTC) data showed on Friday.
    * CHINA PROPERTY: As the froth comes off China's home
prices, there are increasing signs that some property
developers, particularly those with a heavy debt load, are
becoming less aggressive. Property and construction is a major
demand driver for metals.
    * ALUMINIUM RESTARTS: Aluminium maker Norsk Hydro
may restart a mothballed Norwegian production line as global
metals markets tighten following a Chinese clampdown on
pollution, the company's chief executive told Reuters.

    * DUMPING: China said it was "strongly dissatisfied" with
the U.S. decision to impose anti-dumping duties ranging from 97
percent to 162 percent on Chinese aluminium foil, urging
Washington to correct its "mistaken methods". 
    * STEEL: China's iron ore futures dropped more than 2
percent to a four-month low on Monday and were on track for a
second straight monthly drop as concerns grow about waning
demand due to Beijing's winter smog crackdown on steel mills.

    * NICKEL: Goldman Sachs upped its nickel forecasts to
$12,500 in three months and $12,000 in six months, from $9,000
for both forecasts, citing a "supportive macroeconomic backdrop
and market tightening driven by Chinese nickel pig iron (NPI)
cuts in Shandong province during the winter heating season."
    * EVS: Goldman Sachs said that it saw the majority of nickel
demand from electric vehicles taking place after 2020 with
inventory sufficient to cover demand in the meantime. 
    * COMING UP: Euro Zone Business Climate for October 1000 GMT
 BASE METALS PRICES                    0738 GMT             
 Three month LME copper                                 6845
 Most active ShFE copper                               53560
 Three month LME aluminium                              2167
 Most active ShFE aluminium                            16265
 Three month LME zinc                                   3187
 Most active ShFE zinc                                 25645
 Three month LME lead                                   2410
 Most active ShFE lead                                 18265
 Three month LME nickel                                11480
 Most active ShFE nickel                               92630
 Three month LME tin                                   19820
 Most active ShFE tin                                 143720
 BASE METALS ARBITRAGE                                      
 LME/SHFE COPPER             LMESHFCUc3               357.92
 LME/SHFE ALUMINIUM          LMESHFALc3              -444.43
 LME/SHFE ZINC               LMESHFZNc3               537.83
 LME/SHFE LEAD               LMESHFPBc3              -994.96
 LME/SHFE NICKEL             LMESHFNIc3              2511.21
 ($1 = 6.6453 Chinese yuan)

 (Reporting by Melanie Burton; Editing by Subhranshu Sahu and
Sunil Nair)
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