Commodities

METALS-Copper rises as solid U.S. retail sales lift sentiment

Credit: REUTERS/CHINA STRINGER NETWORK

Copper prices rose on Friday after the United States reported better-than-expected retail sales, which could temper expectations of a slowdown in economic growth in the world's largest economy.

Sept 17 (Reuters) - Copper prices rose on Friday after the United States reported better-than-expected retail sales, which could temper expectations of a slowdown in economic growth in the world's largest economy.

Copper is also used as a gauge of global economic health.

Three-month copper on the London Metal Exchange CMCU3 rose 0.7% to $9,429 a tonne by 0318 GMT, while the most-traded October copper contract on the Shanghai Futures Exchange SCFcv1 eased 0.8% to 69,640 yuan ($10,788.37) a tonne.

FUNDAMENTALS

* LME aluminium CMAL3 rose 0.3% to $2,888.50 a tonne, lead CMPB3 advanced 0.8% to $2,227 a tonne and zinc CMZN3 was up 0.4% at $3,093 a tonne.

* ShFE nickel SNIcv1 fell 1.5% to 145,110 yuan a tonne, zinc SZNcv1 advanced 1.1% to 22,860 yuan a tonne, tin SSNcv1 increased 1.1% to 261,480 yuan a tonne and aluminium SAFcv1 edged up 0.1% to 22,700 yuan a tonne.

* A Japanese aluminium buyer has agreed to pay a global producer a premium of $220 per tonne over the benchmark price for shipments in October to December, up 19% from the current quarter to reflect higher overseas premiums, two sources said.

* Yunnan Aluminium 000807.SZ, a unit of China's state-run metals group Chinalco, has cut its 2021 aluminium output target by over 500,000 tonnes, or almost 18%, after local government moved to keep limits on production for the rest of the year.

* For the top stories in metals and other news, click TOP/MTL or MET/L MARKETS NEWS

* Asian shares steadied in early trading after losses earlier in the week, but China jitters and global growth concerns weighed on investors' minds, while the dollar sat near a three-week high. MKTS/GLOB DATA/EVENTS (GMT)

0600 UK Retail Sales MM, YY Aug

0600 UK Retail Sales Ex-Fuel MM Aug

0900 EU HICP Final MM, YY Aug

1400 US U Mich Sentiment Prelim Sept

($1 = 6.4551 yuan)

(Reporting by Mai Nguyen in Hanoi; editing by Uttaresh.V)

((mai.nguyen@thomsonreuters.com; +842438259623; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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