News

Shanghai copper rises as traders take pre-holiday positions

Date 2/14/2018 11:02:54 AM Source: Reuters

    BEIJING, Feb 14 (Reuters) - Shanghai copper prices rose for a second session on Wednesday, tracking a strong jump in London the previous day, as traders took up new positions in the metal before the Shanghai Futures Exchange (ShFE) closes for a week-long holiday.

    FUNDAMENTALS

    * SHFE COPPER: The most-traded April copper contract on the ShFE SCFcv1 was up 1.4 percent at 52,590 yuan ($8,286.72) a tonne, as of 0210 GMT.

    * OPEN INTEREST: Market open interest on Shanghai copper hit 811,170 lots on Tuesday, the highest since January 2016, ahead of the Lunar New Year holiday in China beginning on Thursday.

    * LME COPPER: Three-month copper on the London Metal Exchange CMCU3 climbed 0.2 percent to $6,998.50, having briefly broken above the barrier of $7,000 a tonne. 

    * NICKEL ZINC: Shanghai nickel SNIcv1 gained 2.4 percent, tracking a 2.7 percent rise in London on Tuesday, while zinc SZNcv1 climbed 1.9 percent on indications of a tight market.

    * ALUMINIUM: U.S. President Donald Trump said on Tuesday he was considering a range of options to address steel and aluminum imports that he said were unfairly hurting U.S. producers, including tariffs and quotas. 

    * CENTRAL ASIA: Base metals miner Central Asia Metals (CAML) CAML.L is on the hunt for a new copper project in Southern Africa for up to $400 million in what would be its first foray into the continent, its chief executive said. 

    * RIO: Standard & Poor's on Tuesday raised its credit rating on global miner Rio Tinto  RIO.L   RIO.AX  for the first time since 2011 on the back of strong financial results and said the global miner could easily fund a big acquisition.  

    * COBALT: The London Metal Exchange could remove companies from its list of approved metal suppliers if they fall short of industry standards following an outcry about cobalt mined by children in Africa, three sources said.

    MARKETS NEWS    

    * Asian shares were set for a tense session on Wednesday as investors await readings on U.S. inflation that could fan fears of faster rate hikes and unleash another burst of global volatility.      

Edited by SHMET