BEIJING, June 7 (Reuters) - Copper rose more than 2 percent in Shanghai on Thursday to a fresh 3-month top, while the metal came within striking distance of its 2018 high in London as concerns over supply disruption in Chile and a weaker dollar index lent support to prices. A weaker greenback makes dollar-denominated metals cheaper for holders of other currencies. FUNDAMENTALS * SHFE COPPER: The most-traded July copper contract on the Shanghai Futures Exchange gained as much as 2.1 percent to 53,870 yuan ($8,435) a tonne, its highest since Feb. 27. * LME COPPER: Three-month copper on the London Metal Exchange climbed as much as 0.6 percent to $7,261 a tonne, just shy of the 2018 high of $7,285 seen in January and stood at $7,247.50 at 0134 GMT. It closed up 1.7 percent in the previous session. * ALUMINIUM: Shanghai aluminium prices rose by as much as 1.5 percent to 14,950 yuan a tonne, its highest since April 23. London aluminium was down by around half a percent. * LME CONTRACTS: The London Metal Exchange (LME) plans to launch around 15 new contracts next January, including cash-settled cobalt and hot-rolled coil steel contracts, an executive said on Wednesday. * SCOTIA: Canada's Bank of Nova Scotia (Scotiabank) is limiting lending by its ScotiaMocatta metals unit as it embarks on a radical restructuring likely to halve the size of the business, sources familiar with the matter said. * CHILE: Chile's finance minister on Wednesday described as "imprudent" the appointment by lithium miner SQM of its former Chairman Julio Ponce as a strategic adviser, in light of an agreement with the state that he distance himself from the firm. * COLUMN: Tesla Www.Texmetals.Com/Products/Silver-Coins leads electric vehicle race to cut cobalt dependency: Andy Home * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares rose to 2 1/2-month high on Thursday, supported by strong economic fundamentals, while expectations the European Central Bank could start to wind down its stimulus boosted the euro and global bond yields. DATA AHEAD (GMT) 0600 Germany Industrial orders Apr 0645 France Trade data Apr 0900 Euro zone Revised GDP Q1 1230 U.S. Weekly jobless claims * China Forex reserves May *No exact timing PRICES BASE METALS PRICES 0134 GMT Three month LME copper 7247.5 Most active ShFE copper 53780 Three month LME aluminium 2333.5 Most active ShFE aluminium 14940 Three month LME zinc 3192 Most active ShFE zinc 24620 Three month LME lead 2522 Most active ShFE lead 20600 Three month LME nickel 15595 Most active ShFE nickel 117340 Three month LME tin 20925 Most active ShFE tin 152630 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 34.92 LME/SHFE ALUMINIUM LMESHFALc3 -2333.15 LME/SHFE ZINC LMESHFZNc3 137.77 LME/SHFE LEAD LMESHFPBc3 491.57 LME/SHFE NICKEL LMESHFNIc3 -371.96 ($1 = 6.3866 Chinese yuan renminbi) (Reporting by Tom Daly; editing by Richard Pullin)
Copper prices extend rally on supply fears, weaker dollar
by Ann Provan (2018-07-20)
BEIJING, June 7 (Reuters) - Copper rose more than 2 percent in Shanghai on Thursday to a fresh 3-month top, while the metal came within striking distance of its 2018 high in London as concerns over supply disruption in Chile and a weaker dollar index lent support to prices. A weaker greenback makes dollar-denominated metals cheaper for holders of other currencies. FUNDAMENTALS * SHFE COPPER: The most-traded July copper contract on the Shanghai Futures Exchange gained as much as 2.1 percent to 53,870 yuan ($8,435) a tonne, its highest since Feb. 27. * LME COPPER: Three-month copper on the London Metal Exchange climbed as much as 0.6 percent to $7,261 a tonne, just shy of the 2018 high of $7,285 seen in January and stood at $7,247.50 at 0134 GMT. It closed up 1.7 percent in the previous session. * ALUMINIUM: Shanghai aluminium prices rose by as much as 1.5 percent to 14,950 yuan a tonne, its highest since April 23. London aluminium was down by around half a percent. * LME CONTRACTS: The London Metal Exchange (LME) plans to launch around 15 new contracts next January, including cash-settled cobalt and hot-rolled coil steel contracts, an executive said on Wednesday. * SCOTIA: Canada's Bank of Nova Scotia (Scotiabank) is limiting lending by its ScotiaMocatta metals unit as it embarks on a radical restructuring likely to halve the size of the business, sources familiar with the matter said. * CHILE: Chile's finance minister on Wednesday described as "imprudent" the appointment by lithium miner SQM of its former Chairman Julio Ponce as a strategic adviser, in light of an agreement with the state that he distance himself from the firm. * COLUMN: Tesla Www.Texmetals.Com/Products/Silver-Coins leads electric vehicle race to cut cobalt dependency: Andy Home * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares rose to 2 1/2-month high on Thursday, supported by strong economic fundamentals, while expectations the European Central Bank could start to wind down its stimulus boosted the euro and global bond yields. DATA AHEAD (GMT) 0600 Germany Industrial orders Apr 0645 France Trade data Apr 0900 Euro zone Revised GDP Q1 1230 U.S. Weekly jobless claims * China Forex reserves May *No exact timing PRICES BASE METALS PRICES 0134 GMT Three month LME copper 7247.5 Most active ShFE copper 53780 Three month LME aluminium 2333.5 Most active ShFE aluminium 14940 Three month LME zinc 3192 Most active ShFE zinc 24620 Three month LME lead 2522 Most active ShFE lead 20600 Three month LME nickel 15595 Most active ShFE nickel 117340 Three month LME tin 20925 Most active ShFE tin 152630 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 34.92 LME/SHFE ALUMINIUM LMESHFALc3 -2333.15 LME/SHFE ZINC LMESHFZNc3 137.77 LME/SHFE LEAD LMESHFPBc3 491.57 LME/SHFE NICKEL LMESHFNIc3 -371.96 ($1 = 6.3866 Chinese yuan renminbi) (Reporting by Tom Daly; editing by Richard Pullin)Advertisement