SYDNEY, July 28 (Reuters) - Copper prices drifted in early Asian trading on Friday with little movement in currency markets, a key driver over recent sessions.
"We're seeing a flat dollar and that's likely to keep things light," said a commodities trader in Perth, Australia.
Copper hit a two-year high earlier this week at $6,400 a tonne as the dollar tracked lower, making dollar-denominated metals cheaper for investors using other currencies.
FUNDAMENTALS
- LME COPPER: Three-month copper on the London Metal Exchange CMCU3 was little changed at $6,329 a tonne by 0134 GMT after trading flat in the previous session.
- SHANGHAI COPPER: The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 was flat at 50,150 yuan ($7,438) a tonne.
- GLENCORE: Glencore cut its 2017 output targets after changes in what it extracts at some of its mines, rainfall and maintenance hit production in the first half of the year.
- CHINA ALUMINIUM: Cutbacks by Chinese authorities of illegal capacity at aluminium smelters, which have lifted prices this year, are slowing and may be reversed,
- CHINA DATA: Activity in China's factory sector is expected to have grown again in July, with only a slight slowdown from June's three-month high suggesting momentum in the economy remains strong despite a tighter policy environment. The PMI data is due on July 31 at 0100 GMT.
- COPPER FORECAST: Chilean state copper commission Cochilco forecast average global copper prices of $2.64 per pound in 2017, a slight upward revision from $2.60 previously, due to greater demand in China, a key market.
- VALE COPPER: Brazilian miner Vale SA
said it would seek out fresh copper mining options and stop expanding nickel production capacity after second-quarter net income plunged on forex losses, rising costs and weaker iron ore price. - NICKEL: LME nickel CMNI3 was up 0.02 percent to $10,150 a tonne, while ShFE nickel SNIcv1 gained just over 1 percent.
- For the top stories in metals and other news, click [TOP/MTL] or [MET/L]
- Asian stock markets sagged on Friday after U.S. tech shares retreated from recent rallies, though optimism on U.S. corporate earnings and the global economy underpinned overall sentiment.[MKTS/GLOB]
DATA/EVENTS
0130 Australia PPI Q2 0530 France GDP (INSEE) Q2 0645 France Consumer spending (INSEE) June 0900 Euro Zone Economic sentiment July 1200 Germany CPI July 1230 U.S. GDP Q2 1230 U.S. Employment cost index Q2 1400 U.S. U Mich consumer sentiment July
PRICES Three month LME copper CMCU3 Most active ShFE copper SCFcv1 Three month LME aluminium CMAL3 Most active ShFE aluminium SAFcv1 Three month LME zinc CMZN3 Most active ShFE zinc SZNcv1 Three month LME lead CMPB3 Most active ShFE lead SPBcv1 Three month LME nickel CMNI3 Most active ShFE nickel SNIcv1 Three month LME tin CMSN3 Most active ShFE tin SSNcv1
ARBS LMESHFCUc3 LMESHFALc3 LMESHFZNc3 LMESHFPBc3 LMESHFNIc3
($1 = 6.7410 Chinese yuan renminbi)
($1 = 6.7420 Chinese yuan renminbi)
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