Metals: London copper set for 3rd monthly gain as China revs up demand hopes

Noah Holdings

31/08/2017 06:20

(Adds comment, detail, updates prices) 
    By Melanie Burton 
    MELBOURNE, Aug 31 (Reuters) - London copper led industrial 
metals higher in Asia on Thursday, setting the scene for a third 
monthly gain in a row after healthy growth at China's factories 
in August fed expectations of stronger metals demand. 
    Growth in China's manufacturing sector unexpectedly 
accelerated in August, suggesting the world's second-largest 
economy is still expanding at a healthy clip despite rising 
financing costs and a cooling housing market.  urn:newsml:reuters.com:*:nZZN033N8E 
    "Overall, our reading of PMI is that China's underlying 
economy development is resilient. Supply side reform and 
government policy supports to private enterprises are having a 
positive impact on overall economy," said broker Argonaut 
Securities of Hong Kong in a report. 
    "We think this positive development in China's economy is a 
tailwind for commodity demand, which should not be 
underestimated any more."  
     
    FUNDAMENTALS 
    * LME COPPER: Three-month copper on the London Metal 
Exchange  CMCU3  rose 0.6 percent to $6,808.50 a tonne by 0505 
GMT, reversing small losses from the previous session. Copper 
earlier this week struck its highest since Sept 2014 at 
$6,843.50 and was set to log gains of near 7 percent for August, 
a third monthly advance. 
    * SHFE COPPER: Shanghai Futures Exchange copper  SCFcv1  
reversed early losses to trade up 0.2 percent at 52,840 yuan  
($8,009) a tonne. 
    * CHINA WEALTH: As regulatory crackdowns in China hit risky 
investment products and capital outflows, the country's private 
banks are looking to profit as they target a bigger share of 
growing wealth in the world's second-largest economy. 
 urn:newsml:reuters.com:*:nL4N1LA559 
    * U.S. ECONOMY: The U.S. economy grew faster than initially 
thought in the second quarter, notching its quickest pace in 
more than two years, and there are signs that the momentum was 
sustained at the start of the third quarter.  urn:newsml:reuters.com:*:nL2N1LG0WU 
    * GLENCORE COPPER: Zambian electricity utility Copperbelt 
Energy Corporation (CEC) and Glencore's  GLEN.L  Mopani Copper 
Mines have reached an agreement to restore full power supply to 
the mine from Wednesday, the president's office said on 
Wednesday.  
    * For the top stories in metals and other news, click        
 TOP/MTL  or  MET/L       
         
    MARKETS NEWS     
    * Investors rediscovered a taste for the dollar and Asian 
shares on Thursday as upbeat Chinese and U.S. economic news 
whetted appetite for riskier assets globally, even as tensions 
over North Korea simmered in the background.  MKTS/GLOB      
         
     
    PRICES     
    Three month LME copper           CMCU3   
    Most active ShFE copper          SCFcv1   
    Three month LME aluminium        CMAL3   
    Most active ShFE aluminium       SAFcv1   
    Three month LME zinc             CMZN3   
    Most active ShFE zinc            SZNcv1   
    Three month LME lead             CMPB3   
    Most active ShFE lead            SPBcv1   
    Three month LME nickel           CMNI3  
    Most active ShFE nickel          SNIcv1    
    Three month LME tin              CMSN3   
    Most active ShFE tin             SSNcv1           
     
    ARBS 
     LMESHFCUc3  
     LMESHFALc3  
     LMESHFZNc3  
     LMESHFPBc3  
     LMESHFNIc3  
 
 
($1 = 6.5977 Chinese yuan renminbi) 
 
 
($1 = 6.5972 Chinese yuan renminbi) 
 
    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 
Top Base and Precious Metals Analysis - GFMS     http://tmsnrt.rs/2lvmIzW 
  
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> 
 (Reporting by Melanie Burton; Editing by Kenneth Maxwell and 
Richard Pullin) 
 ((melanie.burton@thomsonreuters.com Twitter: @MelanieMetals; 
+613 9286 1421; Reuters Messaging: 
melanie.burton.thomsonreuters.com@reuters.net)) 
  
(( For related news and prices, click on the codes in brackets: 
 LME price overview       RING=    COMEX copper futures   0#HG:  
 Base metals news         MET    All metals news          MTL  
 All commodities news       C  Metals diary         MTL/DIARY  
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Keywords: GLOBAL METALS/