September 4, 2019 / 3:18 AM / 14 days ago

METALS-London copper edges up from 2-year low

SINGAPORE, Sept 4 (Reuters) - London copper prices rose on Wednesday after touching their lowest in more than two years in the previous session, supported by worries about supply disruption and better-than-expected demand.

Three-month copper on the London Metal Exchange rose 0.4% to $5,633 a tonne by 0240 GMT. The contract dropped to $5,518 a tonne in the previous session, its lowest since May 2017, as weak U.S. economic data stoked global recession fears.

“The increase in the spot premium in Yangshan shows that the underlying demand in China may not as bad as expected. Meanwhile, supply disruption in Peru is getting more attention worldwide,” said analyst Helen Lau of Argonaut Securities.

FUNDAMENTALS

* COPPER PREMIUM: Yangshan copper premiums SMM-CUYP-CN, paid on top of LME copper prices to import metal into China, were at $77 a tonne, their highest since November 2018.

* COPPER STOCKS: LME copper cancelled warrants, which often indicates physical demand, surged to their highest since September 2018 at 117,900 tonnes. MCUSTX-TOTAL

* SHANGHAI COPPER: The most-traded copper contract on the Shanghai Futures Exchange fell as much as 1.5% to near a two-month low at 45,730 yuan ($6,447.38) a tonne, reflecting declines in London in the previous session.

* TRADE WAR: U.S. President Donald Trump on Tuesday warned he would be “tougher” on Beijing in a second term if trade talks dragged on, compounding market fears that ongoing U.S.-China trade disputes could trigger a U.S. recession.

* PRICES: LME tin rose 2.3% while Shanghai tin increased 3.5%. London aluminium and nickel rose 0.2% each, while zinc advanced 0.8% and lead increased 0.8%.

* LITHIUM: China electric vehicle battery maker CATL has taken a stake in Australia’s lithium miner Pilbara Minerals, after a supply glut hammered the sector and forced Pilbara to raise fund for its working capital.

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MARKETS NEWS

* Asian stocks dipped as poor U.S. economic data further soured investor sentiment already hurt by heightened trade war concerns.

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 = 7.0928 Chinese yuan renminbi) (Reporting by Mai Nguyen; editing by Richard Pullin)

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