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METALS-London copper stays above one-month low on steady demand

From Reuters - November 12, 2017

MELBOURNE, Nov 13 (Reuters) - London copper rose on Monday
from one month lows hit last week, as demand remained steady and
the dollar wallowed below its peaks from last week. FUNDAMENTALS
* COPPER: London Metal Exchange copper edged up by
0.3 percent to $6,807 a tonne by 0148 GMT, reversing small
losses from the previous session. Prices last week fell to the
weakest in around a month at $6,761.50 a tonne. 
* SHFE COPPER: Shanghai Futures Exchange copper was
steady at 53,500 yuan($8,057) a tonne. China's industrial
output figures are due on Tuesday and markets will be watching
for any sign of cooling demand for base metals, ANZ said. 
* Chinese data this month is expected to show the world's
second-biggest economy cooled further in October as policy
makers harden efforts to reduce financial risks and foster long
term sustainable growth.
* US POLICY: A Federal Reserve official said on Monday he
expects to back an interest rate hike next month despite caution
over the low-inflation "conundrum," since the U.S. central bank
needs to prepare for any future economic shock.
* FREEPORT: The Indonesian unit of Freeport-McMoRan Inc
 has temporarily shut the main supply route to its Papua
mine after a shooting incident, a spokesman said, amid
escalating tensions between security forces and an armed rebel
group in the area.
* COPPER INVESTORS: Hedge funds and money managers reduced
their net long position in COMEX copper contracts in the week to
Oct. 31, U.S. Commodity Futures Trading Commission data showed
on Friday. Non-commercial net longs turned lower from what had
been the strongest since February.
* CHINA: China will raise foreign ownership limits in
financial firms in a step granting access to a tantalizing
multi-trillion dollar financial services market, as the country
seeks to position itself as a major global finance hub.* For the top stories in metals and other news, click
 orMARKETS NEWS
* Asian shares stepped back in cautious early trade on
Monday as investors look to see whether U.S. Republicans could
hammer a tax reform deal quickly, while the British pound fell
on growing doubts over Prime Minister Theresa May's leadership.DATA AHEAD (GMT)
0700 Germany Wholesale price index Oct
PRICES BASE METALS PRICES0140 GMT
 Three month LME copper6807
 Most active ShFE copper53450
 Three month LME aluminium2113.5
 Most active ShFE aluminium15590
 Three month LME zinc3215
 Most active ShFE zinc25720
 Three month LME lead2523.5
 Most active ShFE lead19300
 Three month LME nickel12210
 Most active ShFE nickel99010
 Three month LME tin19510
 Most active ShFE tin143840 BASE METALS ARBITRAGE
 LME/SHFE COPPERLMESHFCUc3591.73
 LME/SHFE ALUMINIUMLMESHFALc3-728.81
 LME/SHFE ZINCLMESHFZNc3456.28
 LME/SHFE LEADLMESHFPBc3-852.92
 LME/SHFE NICKELLMESHFNIc32798.07
 ($1 = 6.6399 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Gopakumar Warrier) 
 

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