METALS-London copper mired near two-month low as supply mounts

jueves 25 de agosto de 2016 03:41 GYT
 

* Mounting stocks cast shadow over copper prices

* Nickel prices likely to fall on improved supply in H2 - Citi

* Coming up: U.S. durable goods for July at 1230 GMT (Adds comment, detail; updates prices)

By Melanie Burton

MELBOURNE, Aug 25 (Reuters) - London copper hovered near a two-month low on Thursday on evidence of mounting supply while nickel weakened after lower shipments to China as markets marked time ahead of a key meeting of central bankers.

The dollar was range-bound as major currencies continued to tread water ahead of the global central bankers' gathering in Jackson Hole, Wyoming, at which Federal Reserve Chair Janet Yellen may offer new clues on U.S. monetary policy.

Three-month copper on the London Metal Exchange was little changed at $4,637 a tonne at 0727 GMT, following 1.7-percent loss in the previous session, when it fell to its weakest since July 24.

Shanghai Futures Exchange copper slipped 1.2 percent, paring an early loss of 2 percent, to 36,370 yuan ($5,465) a tonne.

LME copper stocks jumped by 14,625 tonnes, the latest data showed, bringing total stocks above 250,000 tonnes for the first time since November 2015. Stocks have shot up by a fifth in the last week alone. MCUSTX-TOTAL   Continuación...