BEIJING, Feb 9 (Reuters) - Copper prices fell in London and
Shanghai on Friday, extending recent declines following a
renewed plunge in global equity markets and another big rise in
The losses have put three-month London Metal Exchange (LME)
copper, which is now trading below the $7,000 a tonne mark that
had provided support so far in 2018, on course for a weekly drop
of 3.1 percent, its biggest since early December.
In a note on Friday, ANZ said it expected the metal's recent
weakness to be relatively short-lived, however.
"Risks of further supply disruptions remain high (and) the
restriction on copper scrap imports into China is likely to
support refined metal imports," it said. China is the world's
biggest copper consumer
* LME COPPER: Three-month copper on the LME was down
0.1 percent at $6,837 a tonne by 0725 GMT, recovering from
$6,811 earlier in the session as the dollar gave up its early
gains. A stronger dollar makes metals more expensive for holders
of other currencies.
* LME STOCKS: On-warrant copper inventories in warehouses
certified by the LME MCUSTX-TOTAL - those not earmarked for
delivery - jumped by 25,700 tonnes on Thursday and have surged
by 75 percent over the past three weeks.
* SHFE COPPER: The most-traded April copper contract on the
Shanghai Futures Exchange closed down 1.2 percent at
51,560 yuan ($8,177.64) a tonne and has lost 2.6 percent this
week, the biggest weekly drop since September.
* SHFE INVENTORIES: Deliverable ShFE copper warehouse stocks
grew by 13,537 tonnes from last week to 186,132 tonnes on
Friday, according to ShFE data. On-warrant copper stocks also
rose, by 17,911 tonnes to 70,077 tonnes.
* LEAD: LME lead gave up early gains to trade down
0.7 percent at $2,506.50. With its recent rally to a 6-1/2 year
high running out of steam, lead is on course for a 6.5 percent
weekly fall, its biggest since December 2016.
* ALUMINIUM: U.S. aluminium foil producers on Thursday
described a systematic effort by Chinese competitors to force
them out of the business, arguing before a U.S. trade panel that
they need anti-dumping duties to survive and invest.
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* Asian shares sank on Friday, with Chinese equities on
track for their worst day in two years, as fears of higher U.S.
interest rates shredded global investor confidence.