ShFE copper at 2-week high on China data,inventory drops

05:10 PM @ Monday - 12 June, 2017

Copper firmed on Friday, helped by supply concerns in Chile and recent data pointing to robust import demand from China, with the Shanghai futures contract hitting a two-week high.

A fall in inventories both on the London Metal Exchange and the Shanghai Futures Exchange also helped support prices, traders said.

* COPPER: Three-month copper on the London Metal Exchange edged up 0.02 percent to $5,741 a tonne by 0724 GMT, extending an overnight gain that saw the metal at its highest in a week.

* SHANGHAI: The most-traded copper contract on the Shanghai Futures Exchange closed up 1.91 percent to 45,930 yuan ($6,757)a tonne, the highest since May 26.

* INVENTORIES: Copper stocks in LME warehouses MCU-STOCKS fell 7,875 tonnes on Wednesday to 286,350 tonnes, continuing their retreat from early May's seven-month high. They have declined almost 20 percent from that peak.

* STRONG CHINA DATA: China reported stronger-than-anticipated exports and imports for May on Thursday, despite falling commodity prices, suggesting the economy is holding up better than expected despite rising lending rates and a cooling property market.

* COPPER RESTART: Chilean copper company Codelco has restarted operations at mines in the northern part of the country after a rain storm caused a series of precautionary closures.

* ZINC RISES: ShFE zinc ended 2.47 percent higher, while LME zinc was up 0.6 percent to $2,480 a tonne

* NICKEL: LME nickel was quoted 0.02 percent higher at $8,835 a tonne. ShFE nickel closed 0.05 percent firmer.

LME aluminium slipped 0.06 percent to $1,890 a tonne. ShFE aluminium closed 1 percent lower at 13,645 yuan.

The declines came amid signs of rising supply after Alcoa said it had restarted half the capacity at its 300,000-tonnes-per-year Portland aluminium smelter in Australia crippled by a blackout half a year ago. -Reuters-