April 8, 2019 / 2:20 AM / 4 months ago

METALS-Copper rises on China stimulus hopes as producers meet in Chile

    BEIJING, April 8 (Reuters) - London copper prices rose as
much as 1 percent in early Asian trade on Monday, snapping two
days of declines as investors hoped for more stimulus measures
in top metals consumer China and a key copper conference was set
to begin in Chile. 
    China said on Sunday it would step up its policy of targeted
cuts to banks' required reserve ratios to encourage financing
for small and medium-sized businesses that play a key role in
economic growth.    
    
    FUNDAMENTALS
    * COPPER: Three-month copper on the London Metal Exchange
 rose as much as 1 percent to $6,466 a tonne and was up
0.9 percent at $6,461 a tonne by 0159 GMT. It ended down 0.8
percent in the previous session.
    * COPPER: Global copper producers are converging in Chile
this week as tightening supply buoys prices, even as the
industry grapples with declining ore quality, project delays and
worries the U.S-China trade war may hit long-term demand.

    * PERU: MMG Ltd said on Monday its Las Bambas mine
in Peru is expected to restore normal mining, production and
transport operations after an indigenous village agreed to end a
two-month blockade of the company's copper mine that has
supported copper prices.
    * SHFE: Shanghai Futures Exchange metals were mixed as
trading resumed after the long weekend in China. ShFE copper
 fell 0.2 percent to 49,360 yuan ($7,348.19) a tonne,
while aluminium crept up 0.2 percent to 13,825 yuan a
tonne.
    * OTHER METALS: Nickel used to make stainless steel,
was the top performer in London, rising 1.2 percent to $13,230 a
tonne, while tin was the laggard, slipping 0.3 percent
to $20,945 a tonne.  
    * RARE EARTHS: New suitors may emerge for Australian
rare-earths processing company Lynas Corp, which may
lose the operating license for its processing plant in Malaysia,
the country's prime minister said on Friday.
    * DAMS: Ethical investors working on a global standard for
tailings dams have written to 683 listed resource companies,
including major miners, asking for information to be made public
within 45 days about every facility they control.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares edged higher on Monday as investors cheered a
much-needed rebound in U.S. payrolls, while looking forward to
more policy stimulus in China.    
        
    DATA/EVENT AHEAD (GMT)
1400    US    Factory Orders Feb
1400   Federal Reserve board holds open meeting to discuss
proposed rules implementing sections of the Economic Growth,
Regulatory Relief and Consumer Protection Act        
        
    PRICES    
 BASE METALS PRICES                       0159 GMT
 Three month LME copper                       6464
 Most active ShFE copper                     49360
 Three month LME aluminium                  1894.5
 Most active ShFE aluminium                  13835
 Three month LME zinc                         2937
 Most active ShFE zinc                       23200
 Three month LME lead                       2002.5
 Most active ShFE lead                       16930
 Three month LME nickel                      13225
 Most active ShFE nickel                    103230
 Three month LME tin                         20945
 Most active ShFE tin                       147910
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER              LMESHFCUc3     369.3
 LME/SHFE ALUMINIUM           LMESHFALc3   -426.36
                                          
 LME/SHFE ZINC                LMESHFZNc3    183.86
 LME/SHFE LEAD                LMESHFPBc3    1257.8
 LME/SHFE NICKEL              LMESHFNIc3   5622.35
                                          
 
 ($1 = 6.7173 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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