METALS-Copper steady as traders weigh dollar gains against China growth bets

By Kitco News / November 08, 2018 / www.kitco.com / Article Link


* Dollar extends recovery on post-election relief


* China October copper imports fell, data shows (Recasts, adds detail, closing prices)By Maytaal AngelLONDON, Nov 8 (Reuters) - Copper steadied on Thursday astraders weighed an uptick in the dollar and a drop in China'simports of the metal against improved Chinese growth prospects.


China, which consumes nearly half the world's copper,registered a 19 percent monthly drop in copper imports inOctober, data showed. Aanalysts, however, were not too downbeat on copper."There's a Golden Week effect in (the data). October data isusually lower. I would still expect relatively high refinedcopper imports over the fourth quarter because the importarbitrage has been wide open," said Colin Hamilton, head ofcommodities research at BMO Capital Markets.The copper import data was part of a batch of China tradefigures that showed much stronger than expected exports asshippers rushed goods to the United States to beat highertariffs due to kick in at the start of next year.Import growth also defied forecasts for a slowdown,suggesting that Beijing's growth-boosting measures could bestarting to have an impact. "Two or three weeks ago ... the feeling was that Chinawasn't reacting quickly enough to the weaker equity markets, butnow we're getting better figures ... it should be supportive (ofcopper) in the short term," Hamilton said.


* PRICES: Three-month copper on the London MetalExchange ended flat at $6,155 a tonne, while aluminium closed 0.3 percent up at $1,990.
* DOLLAR: The dollar rose after the U.S. midterm electionswent largely as expected and investors turned their attentiontowards Federal Reserve policy.


* CHILE COPPER: Chile's copper production from January toSeptember jumped 7.3 percent, boosted by a sharp increase inproduction at BHP's Escondida copper mine.
* CHINA ALUMINIUM: China's aluminium exports fell in Octoberbecause of sliding domestic production.
* CHINA-U.S. TRADE: The U.S. will impose final duties onChinese common alloy aluminium sheet products.
* BRAZIL ALUMINIUM: A Brazilian court has upheld a decisionforcing aluminium producer Norsk Hydro to run itsAlunorte alumina refinery at half capacity.
* JAPAN METALS: Japan's Sumitomo cut its full-year profitforecast, blaming lower than expected metal prices, reducednickel output and the U.S.-Sino trade conflict.
* INDONESIA TIN: Indonesia's refined tin exports in Octoberfell 42 percent after the country's only tin-trading bourseintroduced restrictions on some sales.
* PRICES: Zinc closed 2.8 percent up at $2,522.50,having hit its lowest in 1-1/2 months. Lead finishedwith a 4 percent gain at $2,004, tin was up 1.4 percentat $19,325 and nickel was down 0.3 percent at $11,780.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^Top base and precious metals analysis - GFMS ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Additional reporting by Mai NguyenEditing by Susan Fenton and David Goodman)

Messaging: maytaal.angel.thomsonreuters.com@reuters.net)))

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