METALS-London copper steady as China nerves eclipse easing impact

lunes 20 de abril de 2015 21:06 GYT

MELBOURNE, April 21 (Reuters) - London copper was little changed on Tuesday as initial relief following a cut to China's bank reserve requirements was eclipsed by a resumption of worries over its beleaguered property sector.


* Three-month copper on the London Metal Exchange was flat at $5,980.50 a tonne by 1242 GMT, after 1.2 percent losses from the previous session when it hit a four-week top at $6,173 in the wake of China's cut to reserve requirements that China's banks must keep.

* The most-traded June copper contract on the Shanghai Futures Exchange fell 1 percent to 43,360 yuan ($6,993) a tonne.

* A cloudy outlook for China's property market continues to loom over its outlook for metals demand. China's drumroll of policy support for its flagging housing market has met an unlikely foe: banks.

* Troubled Kaisa Group became on Monday the first Chinese property developer to default on its dollar bonds when it confirmed it had failed to pay a coupon on two senior notes.

* The European Central Bank is confident that euro zone growth will become more robust and that inflation will return to its medium-term target "without undue delay," ECB President Mario Draghi said.

* Rio Tinto on Tuesday posted a sharp rise in quarterly iron ore output amid a push to capture more of the global market despite a mounting supply glut driving ore prices to 10-year lows.   Continuación...