Copper slips on profit-taking after big overnight gain
London (May 23) Copper slipped on Tuesday amid modest profit-taking after posting its highest price in three weeks overnight.
COPPER: London Metal Exchange copper was down 0.5 percent at $5,669 a tonne as of 0710 GMT, reversing a slightly firmer close in the previous session when it touched the highest since May 3 at $5,720 a tonne.
* Shanghai Futures Exchange copper slipped 0.09 percent at 45,770 yuan ($6,642) a tonne.
* ZINC, LEAD UP: LME zinc and lead were also buoyed by a positive tone in steel, up 0.3 percent and 0.7 percent respectively, after China pledged to cut polluting factories.
* NICKEL SOFTENS: LME nickel retreated 0.6 percent to $9,335 a tonne following hefty overnight gains. The contract's softness left ShFE nickel 0.28 percent weaker at the close.
* TIGHTNESS DISSOLVES: Nearby tightness in lead spreads dissolved, falling from a $34.50 premium for cash over the three-month contract in late April to a $23.25 discount overnight, which was the widest contango since July 2014 and which may flag a big delivery into LME exchange warehouses. * STEEL JUMPS: Chinese steel futures jumped more than 6 percent on Monday to their highest since March, stretching last week's gains on concerns over limited supply as Beijing keeps up a campaign to clamp down on polluting producers. * ASIA DISAGREES: Asian countries disagreed over a China-backed free trade deal at talks on Monday, raising questions over a target for concluding negotiations by the end of the year. * COPPER SURPLUS: The global world refined copper market showed a 93,000 tonnes surplus in February, compared with a 55,000 tonnes surplus in January, the International Copper Study Group (ICSG) said in its latest monthly bulletin. * STERLING SLIPS: Sterling slipped after a suspected suicide attack killed at least 19 people and wounded 59 at a pop concert in the English city of Manchester, while the euro held gains made after German Chancellor Angela Merkel said it was "too weak". European markets were poised for a positive start. BASE METALS PRICES 0133 GMT Three month LME copper 5709 Most active ShFE copper 46060 Three month LME aluminium 1938 Most active ShFE aluminium 14010 Three month LME zinc 2652.5 Most active ShFE zinc 22380 Three month LME lead 2113 Most active ShFE lead 15745 Three month LME nickel 9430 Most active ShFE nickel 78390 Three month LME tin 20420 Most active ShFE tin 145810
BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 115.28 LME/SHFE ALUMINIUM LMESHFALc3 -1537.97 LME/SHFE ZINC LMESHFZNc3 362.09 LME/SHFE LEAD LMESHFPBc3 -1646.33 LME/SHFE NICKEL LMESHFNIc3 1045.91 ($1 = 6.8914 Chinese yuan)
Source: Reuters
