August 25, 2016 / 1:07 AM / 2 years ago

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

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.


* 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.

* Sundance Resources said on Thursday Australian police are investigating allegations that the company may have bribed politicians in Congo Republic to win permits to pursue a major iron ore project.

* Australia’s South32 Ltd, the world’s biggest producer of manganese, reported a 76-percent drop in annual underlying profit, hit by weak metals prices, it said on Thursday.

* China’s imports of nickel and zinc slumped on the month in July while its copper imports slipped by 3 percent, partially due to seasonal factors with many factories closing over the northern hemisphere summer.

* For the top stories in metals and other news, click or


* Asian stocks slipped on Thursday, taking their cue from an overnight drop on Wall Street, while the dollar marked time ahead of Friday’s speech by Federal Reserve Chair Janet Yellen at the global central bankers’ meeting.


0800 Germany IFO business climate for August

1230 US Durable goods for July

1230 US initial jobless claims

1345 US Markit Comp Flash PMI for August


Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

$1 = 6.6562 Chinese yuan renminbi Reporting by Melanie Burton; Editing by Joseph Radford

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