By Melanie Burton
MELBOURNE, April 6 London copper eased on
Thursday as trade was thin ahead of a meeting between the
leaders of China and the United States, but Chinese demand
underpinned prices as the seasonally strongest quarter for
industrial metals gets underway.
In Asia, investors were paring risk before a potentially
tense meeting between U.S. President Donald Trump and Chinese
counterpart Xi Jinping later on Thursday where China's trade
surplus will be high on the agenda.
A flurry of data in coming weeks is expected to show China
posted solid economic growth in March. That momentum should
carry over into higher metals demand during the second quarter,
when consumption typically peaks in China.
"Prices are likely to remain buoyant as Chinese markets
reopen amid growing positive sentiment around Chinese growth,"
said ANZ in a note.
* LME COPPER: Three-month copper on the London Metal
Exchange eased by 0.2 percent to $5,883.50 a tonne by
0705 GMT, paring 2 percent gains from the previous session when
Chinese buyers returned from a long holiday weekend.
* SHFE COPPER: Futures Exchange copper ended up 1
pct at 47,810 yuan ($6,929) a tonne. Shfe tin rallied
* LEAD, ZINC: Australian miner South32 Ltd on
Thursday said its Cannington silver and lead mine in the
country's northeast had been hit by a fire, forcing it to cut
* ASIA GROWTH: Developing Asia is on track to post its
slowest annual growth in 16 years this year as it adjusts to
China's rebalancing and possible spillovers from global policy
uncertainty, the Asian Development Bank said.
* FREEPORT: Freeport McMoRan Inc is awaiting final
details on a temporary export permit in Indonesia, which would
end a 12-week ban that has cost the world's biggest publicly
traded copper company nearly $1 billion in lost revenues, its
top executives told Reuters on Wednesday.
* COPPER: The copper business will recover from crisis mode
after plummeting prices for the metal resulted in output cuts,
industry executives said at a meeting in world top copper
producer Chile this week, but they expect that incipient
recovery will be slow.
BASE METALS PRICES 0705 GMT
Three month LME copper 5879
Most active ShFE copper 47810
Three month LME aluminium 1961
Most active ShFE 10
Three month LME zinc 2785.5
Most active ShFE zinc 23085
Three month LME lead 2308
Most active ShFE lead 1
Three month LME nickel 10260
Most active ShFE nickel 8
Three month LME tin 20345
Most active ShFE tin 2
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 673.71
LME/SHFE ALUMINIUM LMESHFALc3 -1602.16
LME/SHFE ZINC LMESHFZNc3 319.23
LME/SHFE LEAD LMESHFPBc3 -1424.28
LME/SHFE NICKEL LMESHFNIc3 2005
($1 = 6.9000 Chinese yuan)
(Reporting by Melanie Burton; Editing by Christian Schmollinger
and Amrutha Gayathri)