January 15, 2019 / 3:39 AM / a month ago

METALS-Most rise on China stimulus hopes, Trump's trade deal comment

(Updates prices, adds details)

By Mai Nguyen

HANOI, Jan 15 (Reuters) - Most base metals rose on Tuesday as China signalled more supportive measures to stabilise a slowing economy and U.S. President Donald Trump raised hopes of reaching a trade deal with Beijing.

China's state planner said it will aim to achieve "a good start" in the first quarter for the economy, signalling more supportive measures to come as the world's second-biggest economy slows further.

Sentiment also picked up after President Trump predicted Washington would reach a deal with China to end a tit-for-tat trade war, saying Beijing wants to negotiate and that talks are going well.

Most base metals on the London Metal Exchange rose, while copper contract on the Shanghai Futures Exchange marked its third straight fall, following lower-than-expected Chinese trade data released on Monday.

"Outside people, generally speaking, are still looking at the macro part, while domestically (in China), people are a little disappointed by the imports number," said analyst Chris Wu at CRU Group.

LONDON: Three-month copper on the London Metal Exchange rose 0.7 percent to $5,938 a tonne by 0707 GMT, reversing losses from the previous session, while London aluminium edged up 0.1 percent to $1,830 a tonne.

SPREAD: London cash copper discounted $30 against the three month contract CMCU0-3 as of Monday, the biggest discount in nearly five months, while London aluminium spread CMAL0-3 discount also increased to $29, the strongest since September 2018.

SHANGHAI: The most-traded Shanghai copper contract closed down 0.1 percent while Shanghai aluminium ended nearly flat, both retreating slightly from stronger falls in early trade. All other base metals advanced.

RUSAL: The U.S. Senate will begin voting on Tuesday on a resolution criticising the Trump administration's decision to ease sanctions on companies linked to Russian oligarch Oleg Deripaska, including aluminium giant Rusal.

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

Reporting by Mai Nguyen; Editing by Joseph Radford and Rashmi Aich

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