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METALS-London copper maintains gains ahead of China-U.S. meet
April 6, 2017 / 2:20 AM / 8 months ago

METALS-London copper maintains gains ahead of China-U.S. meet

    MELBOURNE, April 6 (Reuters) - London copper held gains on
Thursday ahead of a meeting between U.S. President Donald Trump
and China's President Xi Jinping, supported by Chinese demand at
the start of the seasonally strongest quarter for industrial
metals.
        
    FUNDAMENTALS
    * Three-month copper on the London Metal Exchange 
traded little changed at $5,899.50 a tonne by 0156 GMT, holding
2 percent gains from the previous session when Chinese buyers
returned from a long holiday weekend. 
    * Shanghai Futures Exchange copper rose 1.2 percent
to 47,890 yuan ($6,946) a tonne.
    * Trump and Xi are to hold their first summit encounter
later on Thursday at Trump's Mar-a-Lago resort in Palm Beach,
Florida. Topping the agenda will be U.S.-China trade ties and
U.S. requests for China to help rein in its nuclear-armed
neighbor North Korea.
    * U.S. companies added 263,000 workers in March, the most
since December 2014, suggesting further tightening of the labor
market, payrolls processor ADP said.
    * Poland's state-run KGHM, one of the world's
biggest copper producers, will stay in Chile for the long term,
and is assessing its Canadian assets, its CEO said in an
interview.
    * 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.
    * 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.
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    *  Stocks fell and bonds rose in Asia on Thursday, with risk
appetite soured by signs the Federal Reserve might start paring
its king-sized balance sheet later this year just as the chances
of an early U.S. fiscal stimulus faded further.    
        
    
     DATA AHEAD (GMT) 
     0145  China Caixin services PMI Mar 
     0600  Germany Industrial orders Feb 
     1130  U.S. Challenger layoffs  Mar 
     1230  U.S. Weekly jobless claims     
    PRICES    
    
 BASE METALS PRICES                0154         
 Three month LME copper                   5899.5
 Most active ShFE copper                   47880
 Three month LME                            1962
 aluminium                               
 Most active ShFE                             37
 aluminium                               
 Three month LME zinc                       2778
 Most active ShFE zinc                     22995
 Three month LME lead                     2307.5
 Most active ShFE lead                         8
 Three month LME nickel                    10260
 Most active ShFE nickel                      27
 Three month LME tin                       20080
 Most active ShFE tin                          2
                                                
 BASE METALS ARBITRAGE                          
 LME/SHFE COPPER           LMESHFCUc3     635.71
 LME/SHFE ALUMINIUM        LMESHFALc3    -1610.4
                                               1
 LME/SHFE ZINC             LMESHFZNc3     293.02
 LME/SHFE LEAD             LMESHFPBc3    -1394.3
                                               2
 LME/SHFE NICKEL           LMESHFNIc3       2432
 
($1 = 6.8946 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; Editing by Richard Pullin)
  
 
 

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