Fundamental Techs
METALS-Copper largely steady ahead of expected U.S. rate hike
13-12-2017 09:40:42

MELBOURNE, Dec 13 (Reuters) - London copper trading was little changed on Wednesday, as volumes thinned throughout the complex in the lead-up to holidays and ahead of a U.S. monetary policy meeting which may spell out higher interest rates.

FUNDAMENTALS

* LME: London Metal Exchange copper was up 0.1 percent at $6,666.50 a tonne, as of 0247 GMT, having closed little changed in the previous session. Prices have found a base around $6,500, but have run into resistance at the 100-day moving average around $6,690.* SHFE: Shanghai Futures Exchange copper rose by half a percent to 52,180 yuan ($7,881) a tonne.

* GLENCORE: Miner and trader Glencore said on Tuesday its battery minerals, especially cobalt, should spur profit in 2017 and beyond in an update for investors that also promised to grow the business, especially through partnerships.

* ZINC: Glencore said next year's zinc production would be roughly steady at just over one million tonnes, although it will start to ramp up some capacity.

* JAPAN ECONOMY: Japanese machinery orders rose more than expected in October, the Cabinet Office said on Wednesday, rebounding after a big fall in the prior month in a sign capital spending will remain resilient.

* BAUXITE: Paris-based miner AMR began production at its Guinean bauxite mine on Tuesday, aiming to produce between 6 million and 10 million tonnes a year of the aluminium ore, the company said.

* LEAD: Seasonally strong demand from battery makers, tight supplies caused by mine shutdowns and dwindling inventories in London Metal Exchange warehouses are expected to sustain lead prices, which recently hit six-year highs.

* SHFE: Lead and zinc climbed 1.8 percent and 0.9 percent respectively, buoyed by a crackdown on polluters in China's Henan and Hunan provinces. * For the top stories in metals and other news, click or MARKETS NEWS

* Asian shares were treading water in early trade on Wednesday as crude oil futures steadied after a selloff, while a widely expected interest rate hike from the Federal Reserve underpinned the dollar. DATA/EVENT AHEAD (GMT)

0700 Germany Wholesale price index Nov

1000 Euro zone Industrial production Oct

1000 Euro zone Employment Q3

1330 U.S. Consumer prices Nov

1900 Federal Reserve announces interest rate decision

1930 Federal Reserve Chair Janet Yellen holds news briefing

PRICES

BASE METALS PRICES 0255 GMT Three month LME copper 6667 Most active ShFE copper 52140 Three month LME aluminium 2019.5 Most active ShFE aluminium 14255 Three month LME zinc 3134.5 Most active ShFE zinc 25055 Three month LME lead 2514 Most active ShFE lead 19195 Three month LME nickel 11155 Most active ShFE nickel 89800 Three month LME tin 19100 Most active ShFE tin 135150

BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 630.68 LME/SHFE ALUMINIUM LMESHFALc3 -1259.4

LME/SHFE ZINC LMESHFZNc3 429.49 LME/SHFE LEAD LMESHFPBc3 -1023.74

LME/SHFE NICKEL LMESHFNIc3 2201.16($1 = 6.6207 Chinese yuan)

($1 = 6.6207 Chinese yuan)