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METALS-Copper holds hefty overnight gain on tight supply data

SYDNEY, June 22 (Reuters) - London copper held on to hefty overnight gains, spurred on by data showing the metals's shift to global a supply deficit.

The global world refined copper market showed a 5,000 tonne deficit in March, compared with a 102,000 tonne surplus in February, industry data released this week showed.

FUNDAMENTALS

* LME COPPER: Three-month copper on the London Metal Exchange was flat at $5,745 a tonne by 0100 GMT after climbing 1.6 percent overnight.

*ShFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange opened 1.32 percent higher at 46,100 yuan ($6,752.11)a tonne.

* POLISH COPPER: Shareholders in Polish state-run copper producer <KGHM KGH.WA> on Wednesday approved a dividend payout of 1 zlotys per share, in line with the management board's proposal.

ZINC: Zinc was mostly flat at $2,643 a tonne after ending 3.3 percent higher overnight, bolstered by a weaker dollar and concerns over tightening supplies, with LME stocks at their lowest since January 2009 <MZN-STOCKS>. ShFE zinc was up 2.9 percent.

* CHINA STEEL: Shanghai steel futures fell nearly 2 percent on Wednesday, slipping for a second straight day on worries that continued rain in many parts of China would limit short-term demand in the world's biggest steel user.

* NICKEL DEFICIT SLIMS: A global deficit of refined nickel narrowed in April after a jump in refined metal output from Indonesia and China, data from the International Nickel Study Group showed on Thursday.

* DOLLAR SLIPPAGE: The dollar slipped from a one-month peak against a basket of currencies on Wednesday, as losses on Wall Street stocks spurred some traders to book profits on gains tied to expectations of possibly another U.S. interest rate increase later this year.

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MARKETS NEWS

* Asian stocks advanced on Thursday as oil prices inched up after hitting a 10-month low overnight on concerns over a supply glut and falling demand, dragging U.S. and European shares lower.

* Oil prices ended down more than 2 percent on Wednesday after hitting a 10-month low in volatile trade, as growing U.S. production and reduced Chinese refinery activity fed mounting concern over the stubborn global crude glut.

DATA AHEAD (GMT)

0600 France Business climate Jun 1230 U.S. Weekly jobless claims 1300 U.S. Monthly home price index Apr

1400 Euro zone Consumer confidence flash Jun

1400 U.S. Leading index May

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminum

Most active ShFE aluminum

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS ($1 = 6.8275 Chinese yuan renminbi)

(Reporting by James Regan)