May 3, 2018 / 5:18 AM / 7 months ago

METALS-Most base metals rise as U.S.-China trade talks begin

 (Adds Shanghai closing prices, updates London prices)
    BEIJING, May 3 (Reuters) - Most base metals rose on Thursday
as the market waited for cues from the Sino-U.S. trade talks
that have started in Beijing, even as both sides sought to
downplay the prospect of a major breakthrough.
    The world's two biggest economies have imposed import
tariffs on each other's goods, including Chinese aluminium and
U.S. aluminium scrap, and threatened more action in a trade
dispute that has roiled metals markets.
    Tensions over the U.S.-China talks hit Asian stock markets
but "for the moment, it has not deterred buyers of metals that
much," Kingdom Futures CEO Malcolm Freeman wrote in a note. 
        
    FUNDAMENTALS
    * SHFE COPPER: The most-traded June copper contract on the
Shanghai Futures Exchange closed 0.1 percent higher at
51,060 yuan ($8,034.62) a tonne, snapping three sessions of
falls.
    * LME COPPER: Three-month copper on the London Metal
Exchange had climbed 1 percent to $6,886.50 a tonne by
0741 GMT, following a 1.1 percent gain in the previous session.
    * ALUMINIUM: London aluminium recovered from early
losses to trade 0.5 percent higher at $2,333 a tonne, after
closing up 2.7 percent on Wednesday following a plunge in
available LME aluminium stocks. Shanghai aluminium
closed up 0.9 percent at 14,565 yuan a tonne, having earlier
touched its highest since April 23.       
    * TRADE: A U.S. trade delegation arrived in Beijing on
Thursday for key talks over tariffs, with Chinese state media
saying China will stand up to U.S. bullying if needed but that
it was still better to hash things out around the negotiating
table.
    * TARIFFS: Brazil on Wednesday contradicted a United States
announcement that the two countries had reached a deal on a
permanent exemption from steel and aluminium import tariffs,
saying the Trump administration had unilaterally cut off talks.

    * RUSAL: The chairman of En+ Group said on
Wednesday he was working on implementing a plan that En+ hopes
will lead to the United States lifting sanctions on the company,
the biggest shareholder in aluminium giant Rusal.

    * For the top stories in metals and other news, click 
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    MARKETS NEWS    
    * Asian shares slipped on Thursday as hopes waned for real
progress in Sino-U.S. trade talks, while the U.S. dollar
consolidated recent bumper gains after the Federal Reserve
reaffirmed the outlook for more rate hikes.    
    
    PRICES      
 BASE METALS PRICES                        0740 GMT
 Three month LME copper                      6886.5
 Most active ShFE copper                      51060
 Three month LME aluminium                     2338
 Most active ShFE aluminium                   14560
 Three month LME zinc                          3069
 Most active ShFE zinc                        23730
 Three month LME lead                        2280.5
 Most active ShFE lead                        18510
 Three month LME nickel                       14100
 Most active ShFE nickel                     104760
 Three month LME tin                          21110
 Most active ShFE tin                        147280
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER             LMESHFCUc3       174.9
 LME/SHFE ALUMINIUM          LMESHFALc3    -2515.81
 LME/SHFE ZINC               LMESHFZNc3      418.96
 LME/SHFE LEAD               LMESHFPBc3      614.93
 LME/SHFE NICKEL             LMESHFNIc3    -1659.11
 ($1 = 6.3550 Chinese yuan)

    
 (Reporting by Tom Daly; Editing by Gopakumar Warrier and
Subhranshu Sahu)
  
 
 
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