Off The Wire
METALS-Copper slips from 8-month high, dwindling stockpiles limit losses
* COPPER PRICE: Three-month copper on the London Metal
Exchange dipped 0.2 percent to $6,467 a tonne by 1217
GMT, after ending fractionally higher in the previous session,
when it hit $6,540 a tonne, the highest since July 4.
* DOLLAR: The dollar held near a one-week low against its rivals ahead of testimony from Fed Chairman Jerome Powell. A weaker dollar makes dollar priced metals cheaper for non-U.S. investors.
* POSITIONS: LME data showed one entity holds more than 90 percent of copper cash contracts and warrants . This has pushed cash copper to a premium of $44.50 versus the three-month price .
* CHINA DATA: Factory activity in China is expected to have contracted for the third month in a row in February, a Reuters poll showed, adding to evidence of a further slowdown in the economy in the first quarter.
* PERU: Chinese miner MMG Ltd said on Monday it
will have to delay some shipments of copper concentrate from
Matarani Port in Peru due to a blockade by an indigenous
* TECHNICALS: LME copper may break a resistance at $6,525 per tonne and rise to $6,662 in a week, as suggested by its wave pattern and a projection analysis.
* OTHER METALS: Zinc , used to galvanise steel, was flat at $2,719 a tonne, the only LME base metal not in negative territory. LME zinc stocks fell by 8,925 tonnes to 69,475 tonnes, the lowest since October 2007, data showed.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Top Base and Precious Metals Analysis - GFMS ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Additional reporting by Tom Daly Editing by Edmund Blair)
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