BEIJING, Dec 19 (Reuters) - Shanghai copper hit a
three-month low overnight and led base metals sharply lower on
Wednesday, as investors concerned about global economic growth
waited to see whether the U.S. Federal Reserve would raise
interest rates for a fourth time this year.
Higher interest rates tend to push commodity prices lower,
because they mean higher borrowing costs, which can reduce
economic activity and consumption.
FUNDAMENTALS
* SHFE COPPER: The most-traded February copper contract on
the Shanghai Futures Exchange fell by 1.6 percent to
48,220 yuan ($6,994.08) a tonne as of 0201 GMT, having slid as
much as 2 percent overnight to 48,010 yuan, the lowest since
Sept. 18.
* LME COPPER: Three-month copper on the London Metal
Exchange rose 0.5 percent to $6,002 a tonne as the
dollar index weakened. It also hit a three-month low on
Tuesday and closed 2.5 percent lower.
* COLUMN: Hedge funds give up on indecisive "Doctor" copper:
Andy Home.
* SENTIMENT: Investor outlooks have deteriorated to their
most pessimistic in a decade, Bank of America Merrill Lynch's
December investor survey showed on Tuesday.
* OTHER METALS: Nickel and zinc each lost
more than 1 percent in a broad Shanghai metals sell-off.
* GLENCORE: Glencore-controlled Katanga Mining Ltd
is paying more than $22 million to settle Canadian
allegations of inadequate historical disclosures of its finances
and activities in the Democratic Republic of Congo.
* FREEPORT: Indonesian miner PT Inalum expects to finalise
this week a $3.85 billion deal to take majority control of the
local subsidiary of mining giant Freeport McMoRan Inc
once environmental and other issues are resolved.
