METALS-London copper prices flat as traders await fresh impetus

Credit: REUTERS/KHAM

Dec 7 (Reuters) - London copper prices were flat on Thursday as traders refrained from making active bets in the absence of any major market-moving catalysts, while strong performances in the U.S. dollar so far this week also weighed on the greenback-priced metal.

Three-month copper on the London Metal Exchange CMCU3 held its ground at $8,284.50 per metric ton by 0347 GMT.

The most-traded January copper contract on the Shanghai Futures Exchange SCFcv1 dipped 0.4% to 67,480 yuan ($9,423.26) per metric ton, rebounding slightly from the 67,200 yuan hit earlier in the session, the lowest since Nov. 14.

The dollar index was steady, but gained nearly 1% so far this week. The unit was on course for its strongest weekly performance since July.

Helping cushion prices, China's data showed exports in November grew for the first time in six months, suggesting the manufacturing sector may be beginning to benefit from an uptick in global trade flows.

Yangshan copper premium SMM-CUYP-CN rose to $112.50 a ton, clawing back to the one-year high level hit earlier this month, suggesting higher demand for imported copper into top consumer China.

LME aluminium CMAL3 edged 0.1% lower at $2,146 a ton, zinc CMZN3 eased 0.2% to $2,423, tin CMSN3 was almost flat at $24,575, while nickel CMNI3 rose 2.2% to $16,575 and lead CMPB3 advanced 0.5% to $2,039.50.

SHFE aluminium SAFcv1 eased 0.1% to 18,410 yuan a ton, lead SPBcv1 declined 0.3% to 15,510 yuan, while nickel SNIcv1 rose 2.7% to 130,050 yuan and zinc SZNcv1 edged up 0.2% at 20,565 yuan.

SHFE tin SSNcv1 climbed as much as 3% to 207,950 yuan a ton, the highest since Nov. 22.

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TOP/MTL or MET/L DATA/EVENTS (GMT)

0700 Germany Industrial Output MM, YY Oct

0700 UK Halifax House Prices MM, YY Nov

0745 France Reserve Assets Total Nov

1000 Euro Zone GDP Revised QQ, YY Q3

1330 US Initial Jobless Claim Weekly

1700 US Federal Reserve issues quarterly financial

accounts of the United States

($1 = 7.1610 yuan)

(Reporting by Mai Nguyen in Hanoi; Editing by Sherry Jacob-Phillips)

((mai.nguyen@thomsonreuters.com; 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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