October 3, 2019 / 2:25 AM / 18 days ago

METALS-LME metals off recent lows in holiday-thinned trade

MELBOURNE, Oct 3 (Reuters) - London copper and aluminium prices climbed from recent lows on Thursday as a weaker dollar supported prices, while trading was thin due to China’s major Golden Week holiday.

FUNDAMENTALS

* COPPER: Three-month copper on the London Metal Exchange rose 0.5% to $5704 a tonne by 0147 GMT after closing the prior session little changed. Prices had slumped to $5588 a tonne on Tuesday, which was the weakest in almost a month, battered by a poor U.S. manufacturing sector report.

* SHFE: The Shanghai Futures Exchange was closed on Thursday as part of its Golden Week Holidays and will reopen on Tuesday Oct. 8.

* TURNOVER: Volumes were low across the board with barely 700 lots of turnover among the benchmark contracts.

* TRADE WAR: The United States on Wednesday said it would slap 10% tariffs on European-made Airbus planes and 25% duties on French wine, Scotch and Irish whiskies, and cheese from across the continent as punishment for illegal EU aircraft subsidies.

* US DOLLAR: The dollar nursed losses on Thursday, hitting near one-week lows against the euro and yen, amid signs of a slowdown in U.S. economic growth and a deepening of global trade tensions.

* U.S. OUTLOOK: New York Federal Reserve Bank President John Williams said on Wednesday that while the U.S. economy looked to be in a “favorable place” when viewed through the rearview mirror, the outlook through the windshield ahead was “mixed.”

* TAILINGS: Brazilian miner Vale SA on Wednesday said it expects to finish paying for most of the expenses related to the disaster at one of its facilities that killed at least 250 people, by 2021.

* METALS FRAUD: Glencore warehouse unit Access World was mostly to blame for $32 million of losses from a complex metals fraud, but broker Marex Spectron will have pay most of the bill to French bank Natixis CNAT.PA, a UK judge ruled on Wednesday.

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MARKETS NEWS

* Asian stocks, already under pressure from growing global growth fears, tumbled on Thursday after New York markets slumped overnight because the United States opened a new trade war front by saying it will impose tariffs on $7.5 billion of goods from the European Union.

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 (Reporting by Melanie Burton; editing by Uttaresh.V)

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