October 8, 2019 / 3:45 AM / 7 days ago

METALS-Copper ticks higher as China returns, trade talks loom

 (Adds Shanghai closing prices, updates London prices)
    By Mai Nguyen
    SINGAPORE, Oct 8 (Reuters) - London copper prices edged
higher for a second day on Tuesday as the return of traders from
a week-long holiday in top consumer China led to some renewed
buying, while uncertainty over a U.S.-China trade deal pushed
other metals lower. 
    Chinese Vice Premier Liu He, U.S. Trade Representative
Robert Lighthizer and Treasury Secretary Steven Mnuchin, will
begin trade talks in Washington on Thursday, the first
minister-level negotiations in several months.
    Most base metals prices have been under pressure amid
worries over global economic growth and demand for industrial
metals as the U.S.-China trade war rumbles on.
    "Can something happen? I guess, maybe. Who knows. But I
think it's probably unlikely," U.S. President Donald Trump said,
when asked about the chances of progress at this week's trade
talks. 
    The chances of a resolution in the prolonged trade dispute
dimmed further after Washington blacklisted some Chinese
companies.
    
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange (LME) fell as much as 0.3% in early trade but
was trading up 0.3% at $5,737.50 a tonne as of 0722 GMT.
    * CHILE: August production by copper miner Codelco rose 9.3%
year-on-year to 154,700 tonnes, while output fell 8.5%
year-on-year to 770,800 tonnes at BHP's Escondida mine.
Output rose 0.5% year-on-year to 352,500 tonnes at Anglo
American's and Glencore's Collahuasi in the
same month, state copper commission Cochilco said on Monday.

    * CODELCO PREMIUM: Codelco has agreed its 2020 physical
copper premium to European buyers at $98 a tonne, the same level
as for 2019, copper industry sources said.
    * ANTOFAGASTA: Chile's Antofagasta has requested
government mediation to resolve a contractual dispute with
supervisors at its flagship Los Pelambres copper mine, the
supervisors' union said.
    * NICKEL: Three-month LME nickel fell as much as
3.3% to a one-week low of $17,135 a tonne, slipping for a second
day after jumping 3.4% last week amid a drawdown in stocks.  
    * LME PRICES: LME aluminium fell 0.3% and lead
 lost 0.6%, while tin and zinc both eased
0.2%. 
    * SHFE: The most traded November copper contract on the
Shanghai Futures Exchange ended down 0.7% on 46,770
yuan ($6,568.08) a tonne, while zinc fell 0.2%, nickel
 was flat and lead ended up 1.5% after hitting
its earliest since Sept. 17. 
    * For the top stories in metals and other news, click       
 or
    
    MARKETS
    Asian shares inched up, with Chinese shares making decent
gains after a week-long holiday, though investors remained
cautious over U.S.-China trade talks.
        
    PRICES        
 BASE METALS PRICES                       0727 GMT
 Three month LME copper                     5741.5
 Most active ShFE copper                     46750
 Three month LME aluminium                    1742
 Most active ShFE aluminium                  13960
 Three month LME zinc                       2293.5
 Most active ShFE zinc                       18690
 Three month LME lead                       2175.5
 Most active ShFE lead                       17190
 Three month LME nickel                      17225
 Most active ShFE nickel                    136950
 Three month LME tin                         16305
 Most active ShFE tin                       135200
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER             LMESHFCUc3     641.05
 LME/SHFE ALUMINIUM          LMESHFALc3     -40.63
                                         
 LME/SHFE ZINC               LMESHFZNc3      22.82
 LME/SHFE LEAD               LMESHFPBc3    -981.45
 LME/SHFE NICKEL             LMESHFNIc3   -4681.74
                                         
 ($1 = 7.1261 Chinese yuan)


($1 = 7.1208 Chinese yuan renminbi)

 (Reporting by Mai Nguyen; additional reporting by Tom Daly in
Beijing; editing by Uttaresh.V, editing by Louise Heavens)
  
 
 
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