News: RIO METALS-London copper hovers above 2017 low as China stocks weigh

(Adds detail, updates prices)

London copper rose on Thursday but was still not far from its lowest for the year after China's refined production surged in March, underlining ample stocks in the world's biggest metals consumer.

China's refined copper output rose 8.5 percent in March from a year ago to its highest since at least December 2015.

"The emergence of opportunistic buying should see the recent selloff in metal markets come to an end," ANZ said in a report.

• LME COPPER: Three-month copper on the London Metal Exchange CMCU3 was up 1 percent at $5,609 a tonne by 0703 GMT, after closing slightly lower in the previous session when prices hit the weakest since early January at $5,530 a tonne.
• SHFE COPPER: Shanghai Futures Exchange copper SCFcv1 pared losses to close down 0.2 percent at 45,560 yuan ($6,616)a tonne.
• CHINA OUTPUT: China's refined copper output rose 8.5 percent in March from a year ago to 764,000 tonnes, its highest since at least December 2015, while aluminium and iron ore output levels were the lowest in months, according to the National Statistics Bureau.
• NICKEL: Short-dated nickel contracts have surged this week, reflecting a lack of immediately available supply. Nickel for tomorrow next day (tom/next) delivery traded as high as $10 this week and $7.50 last, the highest since December CMNIT-O.
• ZINC: ShFE zinc SZNcv1 rallied 3.3 percent, away from near year-to-date lows, as steel prices cut losses. Shfe nickel SNIcv1 was up 1 percent and Shfe lead SPBCV1 up 2.3 percent.
• CHINA CAPITAL: Capital outflows from China eased sharply in the first quarter and cross border flows were more balanced, the foreign exchange regulator said on Thursday, in the latest official comments indicating policymakers are growing less worried about the yuan currency.
• JAPAN ECONOMY: Confidence among Japanese manufacturers has risen for an eighth straight month to a level not seen since before the 2008 global financial crisis, a Reuters survey found, reflecting output and export gains led by overseas economic recovery.
• INVESTORS: Total global commodity assets under management (AUM) fell to $277 billion in March from $282 billion the month before, Barclays said in a note.
• RIO TINTO: Rio Tinto (RIO) cut its copper guidance to 500,000-550,000 tonnes from as much as 665,000 tonnes as a result of a strike at the Escondida mine in Chile and the curtailment of production at the Grasberg mine in Indonesia.

  MARKETS: Asian stocks erased early losses and edged higher on Thursday as steadying commodity prices, especially crude oil, prompted some bargain hunting by investors. [MKTS/GLOB]

  PRICES BASE METALS PRICES 0705 GMT Three month LME copper CMCU3 5613 Most active ShFE copper SCFcv1 45550 Three month LME aluminium CMAL3 1930 Most active ShFE aluminium SAFcv1 14335 Three month LME zinc CMZN3 2607 Most active ShFE zinc SZNcv1 21655 Three month LME lead CMPB3 2172 Most active ShFE lead SPBcv1 16150 Three month LME nickel CMNI3 9495 Most active ShFE nickel SNIcv1 79680 Three month LME tin CMSN3 19840 Most active ShFE tin SSNcv1 140820 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 372.1 LME/SHFE ALUMINIUM LMESHFALc3 -1124.6 LME/SHFE ZINC LMESHFZNc3 287.13 LME/SHFE LEAD LMESHFPBc3 -1856.6 LME/SHFE NICKEL LMESHFNIc3 771.91

($1 = 6.8860 Chinese yuan)

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