November 5, 2019 / 2:39 AM / 17 days ago

METALS-Copper rises as Antofagasta cuts supply output forecast

SINGAPORE, Nov 5 (Reuters) - Copper prices rose on Tuesday, after copper producer Antofagasta Plc cut its output forecast from Chile due to nationwide protests in the world's biggest copper producer.

Antofagasta on Monday doubled its output cut from Chile to about 10,000 tonnes, pointing to a bigger hit from the protests in the South American nation, which has seen weeks of demonstrations against inequality.

Three-month copper on the London Metal Exchange (LME) rose 0.2% to $5,886 a tonne by 0219 GMT, on track for its third straight gain.

The most-traded copper contract on the Shanghai Futures Exchange (ShFE) advanced 0.3% to 47,180 yuan ($6,714.90) a tonne.

FUNDAMENTALS

* TRADE DEALS: China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a "phase one" U.S.-China trade deal, people familiar with the negotiations said on Monday.

* UNITED STATES: New orders for U.S.-made goods fell more than expected in September and business spending on equipment was weaker than initially thought, suggesting that manufacturing remains soft amid the ongoing U.S.-China trade war.

* PRICES: LME aluminium fell 0.4%, nickel lost 1%, zinc rose 0.2% and lead advanced 0.2%. ShFE aluminium increased 0.5%, nickel dropped 2.3% and lead declined 0.4%.

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MARKETS NEWS

* Asian shares closed in on their July peak on increasing signs the United States and China are inching closer to a truce in their trade war and on optimism the U.S. economy is well poised for solid, consumer-driven growth.

DATA/EVENTS AHEAD (GMT)

0330 Australia RBA Cash Rate Nov

0500 India IHS Markit Svcs PMI Oct

0930 UK Reserve Assets Total Oct

1330 US International Trade Sept

1445 US Markit, Comp, Svcs Final PMIs Oct

1500 US ISM N-Mfg PMI Oct

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

$1 = 7.0262 yuan Reporting by Mai Nguyen; Editing by Tom Hogue

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