July 15, 2020 / 3:14 AM / a month ago

METALS-Copper edges higher on solid China demand, Chile supply risks

SINGAPORE, July 15 (Reuters) - Copper prices edged higher on Wednesday on solid demand in top consumer China and supply worries in Chile, the world’s biggest producer of the red metal, though gains were capped on rising U.S.-China tensions and a spike in COVID-19 cases globally.

The most-traded August copper contract on the Shanghai Futures Exchange rose 0.1% to 52,430 yuan ($7,487.43) a tonne by 0258 GMT, while three-month copper on the London Metal Exchange advanced 0.3% to $6,515 a tonne.

China’s imports of unwrought copper in June were at a monthly record high, indicating solid demand, while potential strikes in Chile kept supply worries in check.

However, U.S. President Donald Trump ordered an end to Hong Kong’s special status, dampening the tensions with China even further and raising the risk of economic retaliation between the world’s two biggest economies.

Meanwhile, rising virus cases and scattered movement restrictions around the world threatened a steady global economic recovery and metals demand.

FUNDAMENTALS

* OTHER PRICES: LME zinc edged up 0.1% to $2,195.50 a tonne, while aluminium dipped 0.1% to $1,687 a tonne. In Shanghai, aluminium fell 0.7% to 14,485 yuan a tonne and zinc dropped 1.2% to 17,890 yuan a tonne.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian markets appeared set to shake off heightened tensions between the United States and China and the spread of the coronavirus, with stock futures pointing to early gains.

DATA/EVENTS AHEAD (GMT)

0600 UK CPI YY June

1000 EU Reserve Assets Total June

1315 US Industrial Production MM June

1330 UK Finance minister Rishi Sunak addresses

questions from parliament’s Treasury Committee

1800 US Federal Reserve issues the Beige Book of

economic condition

— Japan JP BOJ Rate Decision

— Russia Industrial Output June

$1 = 7.0024 yuan Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips

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