London metals rise on weaker dollar

MELBOURNE, Dec 14 (Reuters) – London metals were broadly higher on Thursday as the dollar fell after the U.S. Federal Reserve kept its rate outlook unchanged, while encouraging factory figures from China and Japan added to the rosier picture. FUNDAMENTALS: COPPER: London Metal Exchange copper rose by 0.4 percent to $6,752 a tonne by 0211 GMT, building on a 1 percent gain from the previous session to hit the highest since Dec. 5 at $6,765 a tonne. Copper’s chart picture has improved, having closed above the 100-day moving average at $6,690 which is now support. Shanghai Futures Exchange copper climbed 0.9 percent to 52,620 yuan ($7,962) a tonne. NICKEL: LME nickel climbed 1.9 percent while Shfe nickel rebounded 1.2 percent. CHINA ECONOMY: China’s fixed-asset investment growth slowed to 7.2 percent in the January-November period, while industrial output expanded at a faster pace than markets had expected. U.S. ECONOMY: The Federal Reserve raised interest rates on Wednesday but left its rate outlook for the coming years unchanged even as policymakers projected a short-term jump in U.S. economic growth from the Trump administration’s proposed tax cuts. USD: The dollar fell after the Fed did not raise its rate hike projections to four next year, despite signals of healthy economic growth, and instead flagged inflation concerns. ALUMINIUM: China’s primary aluminium production fell for a fifth consecutive month in November, official data showed on Thursday, as the country’s winter restrictions on smelters pushed output to its lowest since February 2015.  JAPAN MANUFACTURING: Japanese manufacturing activity expanded at the fastest pace in almost four years in December as new orders accelerated, a preliminary survey showed on Thursday, suggesting the economy was poised to extend its near two-year run of growth. RECYCLING: Electronic waste rose to a record 45 million tonnes worldwide in 2016, squandering valuable metals such as gold and copper since few trashed televisions, cellphones or other products get recycled, a U.N.-backed study showed on Wednesday.