May 1, 2019 / 6:38 AM / 5 months ago

METALS-Copper prices climb as U.S-China trade talks start

(Updates prices)

By Mai Nguyen

SINGAPORE, May 1 (Reuters) - London prices for copper and most other metals rose on Wednesday, buoyed as trade talks aimed at ending a bitter trade war between China and the United states kicked off in Beijing.

U.S. Treasury Secretary Steven Mnuchin described a working dinner with China Vice Premier Liu He the night before the talks as “nice”.

Trading was thin as May 1 is a holiday in many markets. The Shanghai Futures Exchange will remain closed for the rest of the week, reopening on Monday.

FUNDAMENTALS

* PRICES: Three-month copper on the London Metal Exchange had risen 0.2 percent to $6,426 a tonne by 0606 GMT. Aluminium was up 0.5 percent, nickel advanced 0.8 percent, tin rose 0.6 percent and zinc was up 0.1 percent.

* COPPER SPREADS: Despite recent copper stock rises in LME-approved warehouses MCUSTX-TOTAL, the copper cash-to-3-month spread has flipped into a premium from the beginning of this week. On Tuesday, the premium stood at $11.75 a tonne. CMCU0-3

* U.S. RATES: The U.S. Federal Reserve is expected to leave borrowing costs unchanged as it maintains a ‘patient’ monetary policy stance amid strong economic growth, despite a call from President Donald Trump to cut rates.

* TIN: Unionized workers at Peruvian miner Minsur’s San Rafael tin mine, a major producer of the metal, started an indefinite strike on Tuesday to demand a bonus, the company said.

* RIO TINTO: Copper miner Rio Tinto Ltd “firmly believes” Washington and Beijing will reach a trade deal, its chief executive told the CNBC television network, adding that Rio’s order books are “absolutely full”.

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

DATA/EVENTS (GMT)

0600 UK Nationwide house price MM YY April

0830 UK Markit/CIPS Mfg PMI April

1400 US ISM Manufacturing PMI April

1800 US Federal Reserve’s Federal Open Market Committee

announces its decision on interest rates

followed by a statement

1830 US Federal Reserve chairperson holds a news

conference

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

Reporting by Mai Nguyen; Editing by Joseph Radford

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below