News: RIO METALS-Copper hovers near 3-yr top as China growth supports

(Adds Standard Chartered comment, details; updates prices)

London copper paused for breath near three-year highs on Tuesday as it faced headwinds from a stronger dollar, but renewed optimism over China's economic outlook has lent support to prices.

Metals prices could find more support if China's National Party Congress this week unveils polices that extend the country's environmental-led industry reform, said Standard Chartered in a report.

"Any signalling by policy makers that the rigorous application of environmental regulations on industry and seasonal pollution-reducing policies will be the norm over the next five years will be a price-positive development for the complex."

The twice a decade National Party Congress begins on Wednesday.

FUNDAMENTALS

• LME COPPER: London Metal Exchange copper CMCU3 eased 0.2 percent to $7,118 a tonne by 0411 GMT, following its biggest daily jump in eight months at 3.7 percent on Monday. Prices struck $7,177 a tonne in the previous session, the highest since July 2014.
• SHFE COPPER: Shanghai Futures Exchange copper SCFcv1 advanced 2.4 percent to 55,360 yuan ($8,387) a tonne. It earlier hit its highest since Feb 2013 at 55,910.
• SCRAP: China may ban traders from importing scrap copper from the start of next year, a widely read industry website reported on Monday, as the world's top metals user deepens its crackdown on imports of foreign waste and cuts pollution from heavy industries.
• CHINA ECONOMY: China's producer profits and copper imports have picked up, recent data showed, even as China's economic growth is expected to ease to 6.8 percent in the third quarter from 6.9 percent in the previous quarter due to a cooling property sector and the government's battle against debt risks.

• RIO TINTO: Rio Tinto (RIO) cut its mined copper production guidance for 2017 to 460,000-480,000 tonnes from 500,000-550,000 tonnes owing to a delayed ramp-up at its Chilean Escondida mine.
• ZINC: SHFE zinc SZNcv1 slipped by 1 percent but was still near its highest in 9-1/2 years, having peaked at 26,630 on Oct. 9. LME zinc CMZN3 was also within reach of decade highs at $3,308.75, with supply constrained by China's crackdown on polluters in heavy industry.
• ZINC SPREADS SLACKEN: The premium for cash zinc has slumped in recent days, suggesting that the metal may be delivered against short positions as the main October contract expires this week. LME cash CMZN0-3 is at a $35 premium against the benchmark, down from $91 on Oct. 12.
• STOCKS: LME zinc stocks have already climbed about 20,000 tonnes since Oct. 5 to the highest since mid July. MZNSTX-TOTAL
• USD: Headwinds came from the dollar, which was supported by a rise in Treasury yields following a report that U.S. President Donald Trump was favouring a policy hawk as the next head of the Federal Reserve. [USD/]
• JAPAN MANUFACTURING: Confidence among Japanese manufacturers rebounded in October to match a peak last seen in mid-2007, a Reuters poll found, further evidence that the economic recovery is gathering momentum helped by a weak yen and strong overseas demand.
• COMING UP: U.S. Industrial production for September at 1315 GMT
• For the top stories in metals and other news, click [TOP/MTL] or [MET/L]

  PRICES

  1410 GMT Three month LME copper CMCU3 7118 Most active ShFE SCFcv1 55360 copper Three month LME CMAL3 2146 aluminium Most active ShFE SAFcv1 16375 aluminium Three month LME zinc CMZN3 3192 Most active ShFE zinc SZNcv1 25790 Three month LME lead CMPB3 2537 Most active ShFE lead SPBcv1 20265 Three month LME nickel CMNI3 11770 Most active ShFE SNIcv1 94310 nickel Three month LME tin CMSN3 20700 Most active ShFE tin SSNcv1 147110 LME/SHFE COPPER LMESHFCUc3 508.58 LME/SHFE ALUMINIUM LMESHFALc3 -103.41 LME/SHFE ZINC LMESHFZNc3 588.98 LME/SHFE LEAD LMESHFPBc3 -141.29 LME/SHFE NICKEL LMESHFNIc3 2185.42

($1 = 6.6004 Chinese yuan)

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