February 13, 2019 / 2:24 AM / 2 months ago

METALS-Copper heads for first gain in five days on trade optimism

    BEIJING, Feb 13 (Reuters) - London copper prices rose on
Wednesday, on track to snap four consecutive sessions of
declines, after U.S. President Donald Trump said he could see
the deadline for a trade agreement with top metals consumer
China being pushed back. 
    The world's two biggest economies are currently holding
their latest round of trade talks in Beijing. If they cannot
reach a deal to end their trade dispute by March 1, U.S. tariffs
on $200 billion worth of Chinese imports are scheduled to
increase to 25 percent from 10 percent. 
    
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange        , which shed 17.7 percent last year on concerns
the U.S.-China trade row would crimp demand, was up 0.5 percent
at $6,134.50 a tonne, as of 0203 GMT, after ending down 0.7
percent in the previous session. 
   * SHFE COPPER: The most-traded March copper contract on the
Shanghai Futures Exchange          slipped 0.4 percent to 48,080
yuan ($7,116.01) a tonne. 
    * TRADE: U.S. President Donald Trump said on Tuesday he
could see letting the March 1 deadline for reaching a trade
agreement with China slide a little, but that he would prefer
not to and expects to meet Chinese President Xi Jinping to close
the deal at some point.             
    * SHUTDOWN: Trump also said on Tuesday he was not happy
about a tentative immigration deal reached by a bipartisan group
of lawmakers, but he did not anticipate another partial shutdown
of the federal government.             
    * ZINC: London zinc         rose 0.4 percent to $2,619 a
tonne, after closing 1.4 percent lower and touching a two-week
low in the previous session. 
    LME zinc stocks MZNSTX-TOTAL are at their lowest since
January 2008.
    * LITHIUM: Livent Corp          on Tuesday forecast a drop
in Chinese lithium sales for the year because of uncertainty
about the country's electric vehicle subsidies, a worrisome sign
for other producers of the key battery component.             
    * VALE: Senior management at Brazilian miner Vale           
were never shown internal security documents indicating that its
dam at Brumadinho was at risk of collapse, the company's chief
financial officer said on Tuesday.             
    * COLUMN: Nickel rally fades, electric vehicle buzz doesn't:
Andy Home.               
    * For the top stories in metals and other news, click       
          or             
        
    MARKETS NEWS    
    * Asian stocks pulled ahead and safe-haven government bonds
came under further pressure on Wednesday on optimism the United
States and China might be able to hammer out a deal to resolve
their nearly year-long trade dispute.                
        
    DATA AHEAD (GMT)
0930    Britain    CPI  YY Jan
1000      EU           Industrial Production MM YY Dec 
1100    Brazil       Retail Sales YY Dec
1330     US           CPI MM SA Jan        
        
    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 = 6.7566 Chinese yuan)

    
 (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
  
 
 
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