(Releads, updates with closing prices)
By Jan Harvey
LONDON, April 6 Copper closed lower on Thursday
with investors largely cautious ahead of the first meeting
between U.S. President Donald Trump and his Chinese counterpart
The United States is targeting a reduction in China's $347
billion goods trade surplus through tougher enforcement of trade
laws and anti-dumping and anti-subsidy duties.
"You've got Trump and Xi Jinping meeting, and that is
uppermost in most people's minds in terms of trade tensions,
given that China is a big consumer (of copper)," Societe
Generale analyst Robin Bhar said.
"There's bound to be a bit of caution," he added.
The metal had posted its biggest daily rise in nearly two
months on Wednesday, climbing 2 percent as Chinese buyers
returned to the market after a break.
However, indications that the Federal Reserve might start
paring back its vast asset holdings this year also curbed
appetite for cyclical assets during Thursday.
* LME COPPER: Three-month copper on the London Metal
Exchange closed down 0.6 percent at $5,858 a tonne.
* MARKETS: Stocks staged a cautious fight back on Thursday
before a potentially tense meeting between U.S. President Donald
Trump and his Chinese counterpart Xi Jinping.
* FED NEWS: Most Federal Reserve policymakers think the
central bank should take steps to trim its $4.5 trillion balance
sheet later this year as long as economic data holds up, minutes
from their last meeting showed.
* JAPAN COPPER: Japan's Pan Pacific Copper (PPC) plans to
cut its April-September output of refined copper by 19.9 percent
from the same period last year due to long maintenance at one of
* TECHNICALS: LME copper may retest resistance at $5,928 a
tonne, a break above which could spark a rally to $5,969, the
86.4 percent Fibonacci projection level of an upward wave (c),
Reuters technical analyst Wang Tao said.
* ALUMINIUM STOCKS: On-warrant aluminium stocks
MALSTX-TOTAL held in London Metal Exchange warehouses,
representing metal available for delivery, fell below 1 million
tonnes for the first time since May 2008 on Tuesday, to 988,100
* LEAD, ZINC: Australian miner South32 Ltd cut
output forecasts on Thursday after a fire at its Cannington
silver and lead mine. LME lead closed down 0.7 percent
at $2,295 a tonne, while zinc ended the day 1.9 percent
lower at $2,726 a tonne.
* OTHER METALS: LME aluminium closed down 0.4
percent at $1,953 a tonne, while nickel ended 2.1
percent lower at $10,080 a tonne. Tin finished up 1
percent at $20,310.