September 12, 2019 / 2:26 AM / 12 days ago

METALS-Copper rises as US delays hiking China tariffs by 2 weeks

    BEIJING, Sept 12 (Reuters) - London copper prices rose as
much as 1% in early trade on Thursday, after U.S. President
Donald Trump agreed to delay hiking tariffs on $250 billion
worth of Chinese goods by two weeks.
    Copper, considered a bellwether for economic health, fell by
17.7% in London in 2018 and has shed another 2.5% so far this
year, weighed down by concerns the Sino-U.S. trade war will hurt
demand for industrial metals.
    Trump said the "gesture of good will" to push the tariff
hike levy to Oct. 15 came at the request of China's Vice Premier
Liu He and due to China's 70th anniversary celebrations on Oct.
1. 
    
    FUNDAMENTALS
    * COPPER: Three-month copper on the London Metal Exchange
 rose as much as 1% to $5,830.50 a tonne and stood at
$5,816.50 as of 0157 GMT, having closed down 0.9% on Wednesday.
The most traded November copper contract on the Shanghai Futures
Exchange was flat at 47,240 yuan ($6,656.80) a tonne.
    * LME: The LME complex was mixed, with nickel
climbing 0.4% and zinc flat, while lead slipped
0.1% and tin shed 1.4%.
    * SHFE: The ShFE will be closed on Friday for China's
Mid-Autumn Festival, reopening on Monday. It will report weekly
stocks data on Thursday but there will be no night-time trading
session. 
    * HKEX: Hong Kong Exchanges and Clearing Ltd (HKEX)
, the owner of the LME, unveiled a $39 billion takeover
approach to the London Stock Exchange Plc (LSE) on
Wednesday that received a cool response from investors concerned
about its regulatory and financial hurdles.
    * NICKEL: Large mining companies on Wednesday welcomed a
recent decision by the Indonesian government to move forward a
ban on exporting nickel ore, as the firms aim to increase
smelting output.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks rose on hopes for a thaw in U.S.-China trade
frictions and expectations that the European Central Bank will
kick off another wave of monetary easing by global central
banks.    
        
    DATA/EVENTS AHEAD
0600   Germany   HICP Final YY               Aug
0645   France    CPI (EU Norm) Final MM, YY  Aug
1145   EU        ECB Refinancing Rate        Sept
1145   EU        ECB Deposit Rate            Sept
1200   India     Industrial Output YY        July
1230   US        CPI MM, SA                  Aug
1230   US        Initial Jobless Claims      Weekly
1230   ECB President Mario Draghi holds a press conference after
interest rate meeting         
        
    PRICES    
 BASE METALS PRICES                         0157 GMT
 Three month LME copper                       5816.5
 Most active ShFE copper                       47240
 Three month LME aluminium                      1818
 Most active ShFE aluminium                    14435
 Three month LME zinc                           2365
 Most active ShFE zinc                         19220
 Three month LME lead                         2090.5
 Most active ShFE lead                         17450
 Three month LME nickel                        17950
 Most active ShFE nickel                      143120
 Three month LME tin                           17620
 Most active ShFE tin                         141470
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER              LMESHFCUc3      608.53
 LME/SHFE ALUMINIUM           LMESHFALc3     -178.03
                                          
 LME/SHFE ZINC                LMESHFZNc3       55.43
 LME/SHFE LEAD                LMESHFPBc3     -138.84
 LME/SHFE NICKEL              LMESHFNIc3    -3555.19
                                          
 



($1 = 7.0965 Chinese yuan renminbi)

 (Reporting by Tom Daly; Editing by Rashmi Aich)
  
 
 
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