Copper dips as equities catch investors' fancy

Date 1/12/2018 2:41:25 PM Source: Reuters

    SYDNEY, Jan 12 (Reuters) - Copper prices eased in early Asian trading on Friday, hurt by a shift to stocks due to U.S. earnings optimism and a rise in oil prices.

    Nickel was also weaker, with the active China futures contract following London metal lower.  


    * COPPER: Three-month copper on the London Metal Exchange

 CMCU3 dropped 0.1 percent to $7,135.50 a tonne by 0100 GMT, extending losses from the previous session. Capital Economics said it expects copper to continue its retreat, averaging just $6,800 a tonne in the first quarter and $6,250 in the second quarter.

    * SHFE: The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 retreated 0.9 percent to 54,610 yuan  ($8,407) a tonne.

    * CHINA: Tongling Nonferrous Metals Group 000630.SZ , one of China's top copper smelters, will suspend production at its Jinguan Copper unit for three days from Friday for repairs, a source familiar with the matter said.

    * NEW GRASBERG PLAN: Indonesia hopes to finalise contract mine by June, although divestment issues are still unresolved, a mining ministry official said on Thursday. 

    *NICKEL: ShFE Nickel SNIcv1 dropped more than 2 percent to a 3-day low, while LME nickel CMNI3 recovered from an overnight selloff to trade 0.3 percent firmer at $12,660 a tonne.

    * LME DEPARTURE: Paul MacGregor, head of sales at the London Metal Exchange, left his position earlier this month and has not yet been replaced, an LME spokesperson said, declining to give any further detail.

    * OTHER METALS: The rest of the ShFE base metals complex was weaker, with the exception of zinc  SZNcv1 , which was showing modest gains in step with overnight gains that saw three-month metal trade near decade highs. LME zinc  CMZN3  was flat at

$3,386 a tonne.   


    * Asian stocks resumed their ascent on Friday, supported by U.S. earnings optimism and a rise in oil prices while the euro edged higher as the European Central Bank signalled an end to its massive stimulus. MKTS/GLOB    


Edited by SHMET