September 13, 2018 / 1:59 AM / 2 months ago

METALS-Copper rallies after U.S. invites China to restart trade talks

    BEIJING, Sept 13 (Reuters) - Shanghai copper prices rose
sharply to a near two-week high in early trade on Thursday after
a U.S. official said Washington had invited Beijing to restart
talks aimed at resolving their trade dispute.
    The United States and China have so far imposed tariffs on
$50 billion of each other's goods in a spat that has left the
market fearing demand for industrial metals will weaken.
            
    FUNDAMENTALS
    * SHFE COPPER: The most-traded November copper contract on
the Shanghai Futures Exchange rose as much as 2.1
percent to 48,560 yuan ($7,098.17) a tonne, its highest since
Aug. 21, and stood at 48,440 yuan as of 0127 GMT. 
    * LME COPPER: Three-month copper on the London Metal
Exchange gained 0.1 percent to $6,004 a tonne, after
hitting its highest in more than a week in the previous session,
when it closed up 2.4 percent.
    * TRADE: The Trump administration has invited Chinese
officials to restart trade talks, the White House's top economic
adviser said on Wednesday, as Washington prepares to escalate
the U.S.-China trade war with tariffs on $200 billion worth of
Chinese goods.
    * NICKEL/ZINC: Shanghai nickel and zinc
were the other big gainers, rising as much as 3.1 percent and
2.3 percent, respectively, after big jumps in London on
Wednesday.
    * NICKEL: Slower production increases in leading supplier
Indonesia and continued growth in stainless steel demand are
forecast to extend a supply shortage in the global nickel
market, supporting price gains through 2019.
    * BROKER: Chinese conglomerate Fosun International
Ltd is in discussions to buy British-based commodities
broker Marex Spectron, two industry sources said.
    * DRC: Democratic Republic of Congo's mines minister said on
Wednesday that a new mining code signed into law in March that
hikes royalties and taxes cannot be called into question.

    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares won a reprieve on Thursday as news the Trump
administration has reached out to China for a new round of trade
talks raised hopes a deal could be struck in the bitter tariff
dispute between the world's two biggest economies.  
 
        
    DATA AHEAD (GMT)
    1100  Bank of England announces interest rate decision
    1145  European Central Bank announces interest rate decision
    1230  ECB President Mario Draghi holds news conference
    1230  U.S. Consumer prices Aug
    1230  U.S. Weekly jobless claims
        
    PRICES
 BASE METALS PRICES                       0140 GMT
 Three month LME copper                       6008
 Most active ShFE copper                     48460
 Three month LME aluminium                    2059
 Most active ShFE aluminium                  14575
 Three month LME zinc                       2393.5
 Most active ShFE zinc                       20750
 Three month LME lead                       2035.5
 Most active ShFE lead                       18840
 Three month LME nickel                      12655
 Most active ShFE nickel                    103910
 Three month LME tin                         18990
 Most active ShFE tin                       144260
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER             LMESHFCUc3     729.74
 LME/SHFE ALUMINIUM          LMESHFALc3   -1694.04
 LME/SHFE ZINC               LMESHFZNc3    1073.48
 LME/SHFE LEAD               LMESHFPBc3    1386.68
 LME/SHFE NICKEL             LMESHFNIc3    2343.64
    
($1 = 6.8412 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below