London copper near two-week lows as firm dollar sparks profit taking
MELBOURNE, May 5 (Reuters) - London copper was stuck near two-week lows on Thursday, as a stronger dollar prompted commodity markets to take a breather after April's broad-based rally, while a deteriorating technical picture suggested further consolidation to come.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange slipped 0.3 percent to $4,853 a tonne by 0018 GMT, extending losses from the previous session when prices plumbed the weakest in a fortnight at $4,839 a tonne and closed below the 200-day moving average, suggesting more technical selling may ensue. Prices gained 4.1 percent last month.
* Shanghai Futures Exchange copper slipped by 0.6 percent to 37,130 yuan ($5,717) a tonne.
* Chinese economic data in coming weeks is expected to show activity moderated in April after a strong showing in March, adding to questions over whether the world's second-largest economy is recovering, a Reuters' poll of economists showed.
* The U.S. services sector expanded in April as new orders and employment accelerated, bolstering views that economic growth would rebound after almost stalling in the first quarter.
* Economic growth in the euro zone will be steady but slow in the second quarter, surveys suggested on Wednesday, underlying European Commission concerns about the vulnerability of the currency bloc's upturn.
* India's Jindal Steel and Power is in advanced talks with some resources firms to sell more steel and mining assets, its CEO said, adding the company hopes to close a $976 million power plant deal well before a mid-2018 deadline.
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MARKETS NEWS
* Global equity markets fell for a second straight day on Wednesday on mostly weak economic data while metals prices slipped on renewed concerns of a downturn in global growth.
DATA AHEAD (GMT)
0145 China Caixin services PMI Apr
1230 U.S. Weekly jobless claims
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
($1 = 6.4945 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Ed Davies)
