MELBOURNE, June 25 (Reuters) – Copper prices in London rose on Monday from their lowest level in more than three weeks to the previous session after China cut reserve requirements for banks, improving liquidity and the outlook for metals demand.
* COPPER: Copper on the London Metal Exchange was up 0.5 percent at $ 6,824.50 a tonne at 0117 GMT. Prices ended unchanged on Friday, when they reached their lowest level since late May at $ 6,768 a tonne. The copper of the Shanghai Futures Exchange rose 0.6 percent to 52060 yuan ($ 7,986) per ton.
* CHINA RRR: China's central bank said on Sunday it would reduce the amount of cash that some banks must keep as reserves by 50 basis points (bp).
* STRIKES: Codelco of Chile, the world's leading copper miner, said on Friday night that workers' unions in its small copper division Salvador had rejected an advance wage agreement from the company, prompting new negotiations until later this year. when your contract expires.
* INVENTORIES: Reflecting a rebound in demand, US copper exchange stocks They have fallen 10 percent in the last six weeks, reversing an uptrend seen since December. LME stocks have declined by more than a fifth since a peak at the end of March, with almost 12,000 tons booked Friday to be taken from warehouses.
* US DOLLAR: The dollar was near its lowest level since mid-June, which supports metals.
* INVESTORS: hedge funds and money managers reduced a net long position in copper futures and options in the week to June 19, data from the US Commodities Futures Trading Commission showed. Friday.
* ZINC: Reflecting the limited supply of zinc in the cash markets, the cash price is quoted at almost 60 dollars above the reference price, the highest since last October
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* World stocks rose on Friday but still posted their biggest weekly decline in three months due to continued global trade tensions, while oil prices rose after that OPEC decided only modest increases in crude production.
FORWARD DATA (GMT)
0800 Germany Ifo commercial climate Jun
1230 EE. UU National activity index May
1400 EE. UU New home sales May
Three months LME copper
ShFE copper active
Three month LME aluminum
Most active ShFE aluminum
Three month zinc zinc
Zable zinc most active
LME lead for three months
Most active ShFE lead
Three months LME nickel
Most active nickel ShFE
LME tin for three months
More active tin for ShFE
ARBS ($ 1 = 6.5192 yuan renminbi)
Melanie Burton Information
Edition by Joseph Radford