SINGAPORE, Oct 18 (Reuters) - Copper prices advanced on Friday on a tentative divorce deal between the United Kingdom and the European Union, as well as hopes for a partial U.S.-China trade deal.
Three-month copper on the London Metal Exchange (LME) rose 0.2% to $5,751.50 a tonne by 0153 GMT, while the most-traded copper contract on the Shanghai Futures Exchange (ShFE) was up 0.1% to 46,670 yuan ($6,598.89) a tonne.
Copper prices are widely used as a gauge of economic health, which has been hurt by the prolonged trade war between the United States and China, as well as volatilities caused by the lengthy Brexit negotiations.
European Union leaders unanimously backed a new Brexit deal with Britain on Thursday, while China’s commerce ministry said China hoped to reach a phased agreement with the United States.
World Bank President David Malpass said that clarity over Britain’s exit from the European Union would strengthen the outlook for global growth.
* PRICES: LME aluminium fell 0.1%, nickel rose 0.1%, zinc declined 0.5%, lead dipped 0.2% and tin lost 0.4%. Shanghai aluminium advanced 0.3%, nickel fell 0.8% while tin rose 0.8%.
* TESLA: China’s industry ministry on Thursday said it has added Tesla Inc to a government list of approved automotive manufacturers, granting the manufacturing certificate that the electric vehicle maker needs to start production in the country.
* GREEN COPPER: Chile’s Codelco, the world’s largest copper producer, said it would drop a “green copper” plan piloted in one of its smaller mines in favour of a broader initiative to make its product more sustainable.
* ZINC: Zinc treatment and refining charges are expected to stay at high levels due to rising mine supply from Australia and South Africa, Chinese smelters, overseas miners and traders said this week at an industry gathering in China.
* BAUXITE: Mining operations in Guinea, Africa’s biggest bauxite producer, returned to normal on Thursday after days of slowed production caused by political protests, mine officials told Reuters.
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* Asian stocks edged higher, tracking the global lift in sentiment after the UK and the European Union struck a long-awaited Brexit deal, but concern about the Chinese economy is likely to cap gains with data expected to show weaker growth.
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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 = 7.0724 Chinese yuan renminbi) (Reporting by Mai Nguyen; Editing by Rashmi Aich)