News: HCH Hot Chili Ltd executes second LOI to secure another high-grade satellite project, page-16

METALS-Copper touches 4-week high on potential China shortages
10/10/17 22:45

1. 
   File photo of a worker displaying nickel ore in a ferronickel smelter owned by state miner Aneka Tambang Tbk at Pomala district, Indonesia, March 30, 2011.
   • LME/ShFE arb: http://bit.ly/2wZSAEz
   (Adds comments, updates prices, changes dateline from SYDNEY)
   
   Copper prices touched their highest in four weeks on Tuesday as speculators kept buying in response to expectations of potential shortages in China, while nickel and zinc slipped on the back of losses in steel.
   
   China announced plans in July and August to curb waste imports, including scrap metal, but it was unclear how severe the restrictions would be on copper.
   
   "I think copper's pricing in expectations of the Chinese restrictions on scrap imports, but to me the price looks a little high based on current fundamentals," Colin Hamilton, director of commodities research at BMO Capital Markets, said.
   
   Investors were also looking ahead to an increase in demand in coming months, John Meyer at SP Angel, said. "Concerns of tight supply ahead of a traditional peak demand season for copper is expected to lend support to copper prices throughout the day," he said in a note.
   
   Benchmark copper CMCU3 on the London Metal Exchange was up 0.4 percent at $6,691.50 a tonne at 1035 GMT after touching $6,735, the highest since Sept. 12.