February 26, 2018 / 3:28 AM / 2 years ago

METALS--London copper, aluminium climb on solid China imports

    MELBOURNE, Feb 26 (Reuters) - London metals climbed on
Monday bolstered by reports over the weekend that base metal
imports to China surged in January, underlining the country's
healthy demand.
    "Downstream demand looks pretty healthy, there has been a
little bit or a constraint on production of various processed
products during winter," said UBS analyst Daniel Morgan.
   "I’m bullish copper and zinc," he said. 
    
    FUNDAMENTALS
    * COPPER: London Metal Exchange copper rose by 0.6
percent to $7,138 a tonne by 0242 GMT, paring losses during the
previous session. Shanghai Futures Exchange copper was
down half a percent to 53,330 yuan ($8,442) a tonne. 
    * China's imports of copper, nickel and zinc grew strongly
in January. Copper imports rose 13 percent to 314,525 tonnes,
refined nickel imports doubled to 26,691 tonnes and refined zinc
imports surged to 67,111 tonnes, up 287 percent. 
    * CHINA ECONOMY: Also bolstering demand projections, China's
new home prices grew in January although major cities saw early
signs of softening, as the government continued its efforts to
rein in speculative demand to fend off bubble risk.
    * ALUMINIUM EXPORTS: China's semi-processed aluminium
product exports rose to 395,301 tonnes in January, the highest
since last June and the sixth-highest ever, according to Reuters
calculations, as a premium for LME prices over Shanghai
attracted metal out of the country. 
    * PREMIUMS: A global aluminium producer has offered Japanese
buyers a premium of $135 per tonne for primary metal shipments
during the April to June quarter, up 31 percent from the current
quarter.
    * ALUMINIUM SUPPLY: The main U.S. producer of high-purity
aluminium used in military aircraft is poised to begin
restarting idled production lines at its smelter in eastern
Kentucky and rehire some 350 workers if President Donald Trump
imposes aluminium import curbs.
    * INVESTORS: Hedge funds and money managers raised their net
long positions in COMEX gold and copper contracts in the week to
Feb. 20, U.S. Commodity Futures Trading Commission (CFTC) data
showed on Friday.
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian share markets were in a cautious mood on Monday as
investors braced for an event-packed week headlined by U.S.
inflation data and the first House testimony by the new head of
the Federal Reserve.    
        
    DATA/EVENTS    
    1330  U.S. National activity index Jan
    1500  U.S. New home sales Jan
    1530  U.S. Dallas Fed manufacturing index Feb    
    PRICES    
 BASE METALS PRICES                0225 gmt           
 Three month LME copper                         7130.5
 Most active ShFE copper                         53340
 Three month LME aluminium                      2152.5
 Most active ShFE aluminium                      14265
 Three month LME zinc                           3516.5
 Most active ShFE zinc                           26575
 Three month LME lead                           2552.5
 Most active ShFE lead                           19315
 Three month LME nickel                          13745
 Most active ShFE nickel                        104230
 Three month LME tin                             21545
 Most active ShFE tin                           147030
                                                      
 BASE METALS ARBITRAGE                                
 LME/SHFE COPPER               LMESHFCUc3       918.74
 LME/SHFE ALUMINIUM            LMESHFALc3     -1530.39
 LME/SHFE ZINC                 LMESHFZNc3        241.9
 LME/SHFE LEAD                 LMESHFPBc3      -195.56
 LME/SHFE NICKEL               LMESHFNIc3      1954.45
 

($1 = 6.3169 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; Editing by Christian
Schmollinger)
  
 
 
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