July 24, 2019 / 2:23 AM / 4 months ago

METALS-Base metals gain on revived U.S.-China trade talk euphoria

    SINGAPORE, July 24 (Reuters) - Industrial metals on the
London Metal Exchange advanced on Wednesday on reports of
potential progress in trade negotiations between the United
States and China.
    White House economic adviser Larry Kudlow on Tuesday said it
was a good sign that top U.S. officials would be travelling to
China to discuss reviving stalled trade talks, and said he
expected Beijing to start buying U.S. agriculture products soon.
            
    The trade war between the world's two biggest economies has
weighed on global economic growth and dimmed demand outlook for
industrial metals. A sign of progress in resolving the dispute
often supports prices of base metals.
    Three-month copper on the London Metal Exchange (LME)
        was up 0.3% at 5,987 a tonne, as of 0200 GMT, while
aluminium         advanced 0.4%, nickel         jumped 1%, zinc
        gained 0.2%, lead         rose 0.5%.
 
    FUNDAMENTALS
    * SHANGHAI PRICES: The most-traded copper contract on the
Shanghai Futures Exchange          fell 0.6% to 47,060 yuan
($6,838.13) a tonne, aluminium          dipped 0.1% and nickel
         fell 0.5%, while zinc          rose 0.3%.
    * TIN: Shanghai tin          tumbled to a three-week low of
130,760 yuan a tonne in early trade. LME tin         dropped 9%
so far this year, the worst performer among LME base metals.
    * CHINA RATES: China's central bank governor Yi Gang said
the country's current interest rate level is appropriate, the
financial magazine Caixin reported on Tuesday.             
    * NORSK HYDRO: Aluminium producer Norsk Hydro          has
managed to ramp up operations at its Alunorte refinery in Brazil
despite a cyber attack in March, the firm said on Tuesday,
boosting its shares.             
    * For the top stories in metals and other news, click       
          or             
        
    MARKETS NEWS    
    * Asian shares nudged higher amid hints of progress in the
Sino-U.S. trade saga, while the dollar hit two-month highs on
the euro as investors wagered on a dovish outcome from the
European Central Bank's coming policy meeting.                
        
    DATA/EVENTS (GMT)
    0645   France    Business Climate Mfg                July
    0715   France    Markit Mfg, Serv, Comp Flash PMIs   July
    0730   Germany   Markit Mfg, Serv, Comp Flash PMIs   July
    0800   EU        Markit Mfg, Serv, Comp Flash PMIs   July
    1345   US        Markit Mfg, Serv, Comp Flash PMIs   July
    1400   US        New Home Sales-Units                June   
        
    PRICES    
    Three month LME copper                  
    Most active ShFE copper                  
    Three month LME aluminium               
    Most active ShFE aluminium               
    Three month LME zinc                    
    Most active ShFE zinc                    
    Three month LME lead                    
    Most active ShFE lead                    
    Three month LME nickel                 
    Most active ShFE nickel                   
    Three month LME tin                     
    Most active ShFE tin                             
    
    ARBS
                
                
                
                
                


($1 = 6.8820 Chinese yuan)

 (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)
  
 
 
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