December 6, 2019 / 8:06 AM / 2 months ago

METALS-Most industrial metals gain on trade deal optimism

(Recasts lead paragraph, updates prices)

MANILA, Dec 6 (Reuters) - Benchmark London copper was on course for a third straight week of gains on Friday, as most industrial metals rose on U.S. President Donald Trump’s upbeat tone on trade talks with China.

The talks were “moving right along”, Trump said on Thursday, even as Chinese officials insisted that both sides must cancel some tariffs to clinch a “phase one” deal.

Three-month copper on the London Metal Exchange edged up 0.4% to $5,908 a tonne by 0726 GMT. Shanghai Futures Exchange’s most-traded January copper contract ended up 0.3% at 47,320 yuan ($6,722.64) a tonne.

Mixed signals on a trade deal have kept investors largely cautious this week, with a new round of U.S. tariffs covering about $156 billion of Chinese imports set to kick in on Dec. 15.

Investors will also eye Chinese data due next week, after factory activity in the world’s second largest economy showed surprising signs of improvement in November.

“Judging from a rebound in manufacturing PMI last month, things have stopped getting worse,” ING economist Prakash Sakpal said.

“We anticipate more evidence of this in the forthcoming data, supporting our view of GDP growth gaining some traction in this quarter.”

PRICES: London nickel rose 1.1%, while Shanghai nickel rebounded with a 1.9% gain after declining for eight consecutive sessions. London zinc rose 0.9%, Shanghai zinc advanced 0.3%, London aluminium gained 0.1% while Shanghai aluminium slipped 0.7%.

GLENCORE: Britain’s Serious Fraud Office has launched a bribery investigation into Glencore, adding to legal troubles that have hit the shares of one of the world’s biggest miners and commodity traders.

TARIFFS: Negotiations over future Brazilian steel exports to the United States have been halted since Trump indicated he would slap tariffs back on them, according to the head of Brazil’s steel mills body IABr.

COLUMN: The nickel price bubble is slowly deflating but bears would be advised to tread carefully with a sharp fall in LME inventory threatening a repeat of the timespread turbulence that rocked the London market in late September.

NICKEL: Indonesia expects to have total annual input nickel capacity of nearly 70 million tonnes by 2022, compared with a November projection of 91 million tonnes in 2021.

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 = 7.0389 yuan)

Reporting by Enrico dela Cruz; editing by Uttaresh.V and Sriraj Kalluvila

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