February 12, 2018 / 2:00 AM / 6 months ago

METALS-London copper climbs off two-month lows, eyes Lunar New Year

    MELBOURNE, Feb 12 (Reuters) - London copper climbed away
from its lowest in nearly two months on Monday, as the dollar
dropped and traders closed out positions ahead of the Lunar New
Year holiday that starts this week. 
    
    FUNDAMENTALS
    * London Metal Exchange copper rose 1 percent to
$6,821 a tonne by 0130 GMT, paring losses from the previous
session when it lost 1.3 percent to hit $6,733 a tonne, the
weakest since Dec. 14. Prices also crashed through the 100-day
moving average, worsening copper's chart picture. 
    * Shanghai Futures Exchange copper fell 0.9 percent
to 51,350 yuan ($8,155) a tonne, having hit its weakest since
late September amid a rout in China's sharemarkets ahead of the
Lunar New Year which starts on Friday.
    * HOLIDAYS: The Shanghai Futures Exchange will close from
the evening of Feb. 14, 2018.
    * DEMAND: U.S. President Donald Trump will roll out an
infrastructure plan on Monday that already faces significant
hurdles in Congress because it does not offer as much new
federal funding as Democrats want or directly address how to pay
for the effort.
    * U.S. ECONOMY: A surprise surge in U.S. wage growth has
rocked global stock and bond markets in the past week, and
inflation figures from three of the world's biggest economies
could dictate whether investors are in for another rollercoaster
ride in the coming week.
    * POLLUTION: China's top steelmaking city of Tangshan said
on Friday it would extend restrictions on production beyond the
end of the winter heating season on March 15.
    * INVESTORS: Hedge funds and money managers cut their net
long position in COMEX copper in the week to Feb. 6,  U.S.
Commodity Futures Trading Commission data showed on Friday.

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    MARKETS NEWS    
    * Asian share markets were struggling to find their footing
on Monday as investors fretted about the risks from looming U.S.
inflation data, although early gains on S&P futures offered a
sliver of support.    
        
    DATA/EVENTS    
    No major data scheduled for Monday Feb. 12
    PRICES    
 BASE METALS PRICES                0128 GMT             
 Three month LME copper                           6821.5
 Most active ShFE copper                           51340
 Three month LME aluminium                        2130.5
 Most active ShFE aluminium                        14060
 Three month LME zinc                             3398.5
 Most active ShFE zinc                             26095
 Three month LME lead                             2524.5
 Most active ShFE lead                             19065
 Three month LME nickel                            13105
 Most active ShFE nickel                           99690
 Three month LME tin                               21165
 Most active ShFE tin                             146450
                                                        
 BASE METALS ARBITRAGE                                  
 LME/SHFE COPPER                 LMESHFCUc3      1293.51
 LME/SHFE ALUMINIUM              LMESHFALc3     -1429.17
                                             
 LME/SHFE ZINC                   LMESHFZNc3       771.19
 LME/SHFE LEAD                   LMESHFPBc3      -107.44
 LME/SHFE NICKEL                 LMESHFNIc3      2231.01
                                             
 


($1 = 6.2966 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; editing by Richard Pullin)
  
 
 
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