METALS-London copper mired near 2-month low as supply mounts

miércoles 24 de agosto de 2016 21:06 GYT
 

MELBOURNE Aug 25 (Reuters) - London copper hung near a two-month low on Thursday on evidence of mounting supply, while nickel also weakened after lower shipments to China.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange was trading flat at $4,631 a tonne at 0040 GMT, following 1.7-percent losses in the previous session when it fell to its weakest since July 24 at $4,622.50

* Shanghai Futures Exchange copper had ended the overnight session down 2 percent at 36,100 yuan ($5,424) a tonne.

* LME copper stocks have 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

* Heavy losses were also seen in ShFE nickel which fell 3.2 percent after China's imports slumped by 40 percent in July, and as fears fade over a wholesale halt to Philippine ore exports.

* U.S. home resales fell more than expected in July after four straight months of strong gains, as a lack of inventory limited choice for buyers, but further price rises suggested the housing market remained on solid ground.

* China took aggressive steps on Wednesday to head off signs of growing risks in its financial and banking system, unveiling detailed rules to curb an unruly peer-to-peer (P2P) lending sector and intervening in its money markets.   Continuación...