News: RIO METALS-Weaker dollar helps buoy Shanghai, London copper prices

SYDNEY, Jan 16 (Reuters) - Copper prices edged up in London and Shanghai markets on Tuesday, helped by a weaker U.S. dollar.

The dollar index against a basket of six major currencies <.DXY> was hovering just above its weakest level since January, 2015.

A weaker greenback makes dollar-denominated commodities cheaper for holders of other currencies.

A decision on Monday by the People's Bank of China (PBOC) to lift the yuan's official midpoint to the greenback to a 1-1/2 year high was also supporting copper prices.

"The moves by the PBOC to raise the fixing of the yuan against the U.S. dollar helped improve the already positive sentiment in the market," ANZ Bank said.

FUNDAMENTALS

• LONDON COPPER: Three-month copper on the London Metal Exchange CMCU3 had edged up 0.15 percent to $7,221 a tonne by 0250 GMT.
• SHANGHAI COPPPER: The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 was up 0.16 percent at 54,750 yuan ($8,514.77) a tonne.
• RIO TINTO: Rio Tinto (RIO) stuck to a 2018 production target of 510,000-610,000 tonnes of mined copper and 225,000-265,000 tonnes of refined copper. Aluminium production is targeted at 3.5-3.7 million tonnes. For 2017, aluminium production eased 1 percent and mined copper output fell 9 percent.
• CHINA GDP: China's economic growth is expected to have slowed slightly in the fourth quarter from the previous quarter, a Reuters poll showed, as the government extended a crackdown on debt risks and factory pollution.
• YUAN: China's central bank on Monday lifted its official yuan midpoint to the highest level in more than over 1-1/2 years, to 6.4574 per dollar, reflecting solid spot yuan performance on Friday and broad dollar weakness in overseas markets.
• CME COPPER: CME Group won a bigger slice of the copper market in 2017 from its rivals in London and Shanghai, a Reuters analysis of exchange data showed, a trend that is expected to continue though this year.
• OTHER METALS: ShFE aluminium SAFcv1, zinc SZNcv1 and lead SPBcv1 were modestly lower, while nickel SNIcv1 and tin SNIcv1 inched up.
• For the top stories in metals and other news, click [TOP/MTL] or [MET/L]

  MARKETS NEWS

• Asian shares slumped on Tuesday, as miners were pressured by weaker Chinese iron ore prices, while the euro stood near a 3-year peak on rising expectations that the European Central Bank could pare its monetary stimulus. [MKTS/GLOB]

  DATA AHEAD (GMT) 0700 Germany Wholesale price index Dec 0930 UK Consumer prices Dec 1330 US New York Fed manufacturing Jan

  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 = 6.4300 Chinese yuan renminbi)

	<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 
Top base and precious metals analysis - GFMS	 http://tmsnrt.rs/2lvmIzW 

	^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>