London copper buoyed near highest in more than two years


MELBOURNE, July 27 (Reuters) – London copper on Thursday hovered near two-year highs touched in the previous session, supported by a weaker dollar and the potential for tighter scrap supply into China. FUNDAMENTALS * LONDON COPPER: London Metal Exchange copper had edged up 0.2 percent to $6,340 a tonne by 0207 GMT. That added to a 1.7-percent advance in the previous session, when the metal topped out at its highest since May 2015 at $6,400 a tonne. * SHANGHAI COPPER: Shanghai Futures Exchange copper climbed 0.7 percent to 50,200 yuan ($7,448) a tonne. * CHINA SCRAP METAL: China may ban imports of some scrap metal, including copper, from the end of 2018, according to an industry association notice, which may lead to higher refined copper imports into the world’s largest consumer of the metal. * U.S. FED: The Federal Reserve kept interest rates unchanged on Wednesday and said it expected to start winding down its massive holdings of bonds “relatively soon” in a sign of confidence in the U.S. economy. * CHINA INDUSTRY: Profits earned by China’s industrial companies in June rose 19.1 percent from a year earlier, the statistics bureau said on Thursday, quickening from the previous month. * RUSAL: Russia’s Rusal said it expects oversupply in China’s aluminium market to narrow in the second half, leading to a “much tighter market” for 2018. It also expects another 2-3 million tonnes of operating capacity to be shut by year-end. * LONDON TIN: LME tin traded up 1.2 percent, having struck its highest in two months at $20,560 a tonne. Prices have been buoyed by falling stocks in LME warehouses. * For the top stories in metals and other news, click or MARKETS NEWS * Stocks, bonds and commodities were all on a roll in Asia on Thursday as bulls scented a softening in the Fed’s confidence on inflation that promised to keep U.S. interest rates low for longer. DATA/EVENTS 0600 Germany GfK consumer sentiment index Aug 0800 Euro Zone M3 money supply indicator June 1230 U.S. Chicago Fed national activity index June 1230 U.S. U.S. job claims weekly 1230 U.S. Durable goods orders Jun PRICES BASE METALS PRICES 0211 GMT Three month LME copper 6330 Most active ShFE copper 50110 Three month LME aluminium 1939 Most active ShFE aluminium 14450 Three month LME zinc 2814 Most active ShFE zinc 23300 Three month LME lead 2323 Most active ShFE lead 18120 Three month LME nickel 10010 Most active ShFE nickel 81400 Three month LME tin 20560 Most active ShFE tin 149950 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 367.41 LME/SHFE ALUMINIUM LMESHFALc3 -730.3 LME/SHFE ZINC LMESHFZNc3 715.69 LME/SHFE LEAD LMESHFPBc3 -809.32 LME/SHFE NICKEL LMESHFNIc3 2186.82 ($1 = 6.7398 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Joseph Radford)


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