January 10, 2019 / 2:23 AM / 5 months ago

METALS-Copper steady as Sino-U.S. trade talks rally fades

    BEIJING, Jan 10 (Reuters) - London copper was little changed
in early Asian trade on Thursday as the red metal sought to
cling on to gains made from optimism over the latest round of
U.S.-China trade talks in Beijing.     
        
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange         was flat at $5,956 a tonne, as of 0200 GMT, 
after ending 0.9 percent higher on Wednesday. The most-traded
March copper contract on the Shanghai Futures Exchange         
edged down 0.1 percent to 47,500 yuan ($6,974.01) a tonne. 
    * TRADE: China's commerce ministry said on Thursday trade
talks with the United States this week were extensive and
detailed, and established a foundation for the resolution of
each others' concerns.             
    * GRASBERG: Copper concentrate exports from Indonesia's
Grasberg mine, the world's second-largest copper mine, are
forecast to plunge this year because of a lag in output as
operations move from open pit to underground mining, a
government official said on Wednesday.             
    * OTHER METALS: The base complex was mixed, with London
nickel         down 0.1 percent and zinc         losing 0.4
percent. LME aluminium         climbed 0.1 percent and tin
       , which rose above $20,000 for the first time in over six
months on Wednesday, added another 0.2 percent to $20,100 a
tonne, its highest since June 26, on concerns of tight supply. 
    * ALUMINA: Norwegian aluminium-maker Norsk Hydro         
aims to resume full production at its Alunorte alumina plant in
Brazil within weeks or months, although the process still
remains uncertain, Chief Executive Svein Richard Brandtzaeg told
Reuters.             
    * BATTERIES: South Korea's LG Chem             said on
Thursday it plans to invest a total of 1.2 trillion won ($1.07
billion) to expand its two battery plants in China by 2020 in a
bid to meet rising global demand.             
    * For the top stories in metals and other news, click       
          or             
        
    MARKETS NEWS    
    * Asian shares began cautiously on Thursday, struggling to
rise after a multi-day rally as markets await more news on
U.S.-China trade talks that have raised hopes of a deal to avert
an all-out trade war.                
        
    DATA AHEAD (GMT)
    0745      France    Industrial Output         Nov
    1330      U.S.      Initial Jobless Claims    Weekly
    1330      U.S.      Continued Jobless Claims  weekly
    1500      U.S.      Wholesale Inventories     Nov        
        
    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 = 6.8110 Chinese yuan)

    
 (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
  
 
 
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