BEIJING, Jan 30 (Reuters) - Most base metals gave up early gains on Tuesday due to a strengthening dollar, as investors
awaited positive signals about infrastructure building in U.S. President Donald Trump's State of the Union address later in the
day. A stronger dollar makes metals more expensive for holders of other currencies. "It is believed that (Trump's) infrastructure programme will
be a highlight of his State of the Union speech, raising hopes that U.S. demand growth will pick up," ANZ wrote in a note.
FUNDAMENTALS: * LME COPPER: Three-month copper on the London Metal Exchange was down 0.6 percent at $7,042 a tonne, as of
0408 GMT, after rising as much as 0.5 percent earlier in the session and ending flat on Monday. * SHFE COPPER: The most-traded March copper contract on the
Shanghai Futures Exchange fell 0.8 percent to 53,040 yuan ($8,376.10) a tonne by the mid-session interval. * USD: The dollar traded above a recent three-year low
against a basket of major currencies on Tuesday, having drawn some support from a rise in U.S. bond yields as traders awaited
a U.S. Federal Reserve policy meeting for fresh catalysts. * SHFE ALUMINIUM: Shanghai's most-traded March aluminium contract was the biggest loser in the base metals
complex, falling 1.5 percent to 14,475 yuan a tonne, a level not seen since Dec. 15, as record-high stock levels in China continue to weigh on prices.
* CHINA: The former head of China's Anshan Iron and Steel Group (Ansteel) has been named the new chairman of metals group
China Minmetals Corp. * NORWAY: Norwegian aluminium maker Norsk Hydro plans to transfer energy-saving technology from a pilot project
to primary smelters in the next five to six years, boosting output and cutting costs, the company's head of technology told
Reuters. * TRADING PLACES: Singapore-based metals trader Kyen Resources said it was setting up a trading desk in London as it
pushes to expand its recycled metals and concentrates trading business.
