September 24, 2018 / 4:15 AM / 22 days ago

METALS-London copper eases from 10-week top in holiday-thinned market

MELBOURNE, Sept 24 (Reuters) - London copper eased on Monday as buying was thinned by holidays in China and Japan, a session after it notched up its biggest one-day advance in more than five years on receding trade war concerns.

FUNDAMENTALS

* COPPER: London Metal Exchange slipped by 1 percent to $6,303 a tonne by 0242 GMT, after prices surged by 4.6 percent in the previous session to $6,382.50 a tonne, the highest since July 10.

* HOLIDAYS: The Shanghai Futures Exchange was closed for its mid-Autumn holiday.

* TRADE: The United States is optimistic about finding a way forward in its trade dispute with China, but it does not have a date scheduled for further talks as it assesses Beijing's response to the latest round of tariffs, a senior White House official said on Friday.

* RUSAL: Russian aluminium giant United Company Rusal is assembling a team of traders in China, three sources with knowledge of the matter said, as the spectre of U.S. sanctions hangs over its sales to customers in the West.

* RUSAL: The U.S. Treasury said on Friday it had extended until Nov. 12 a deadline for investors to divest holdings of debt, equity and other assets in sanctioned Russian companies EN+ and Rusal.

* The sanctions on Rusal have tightened the market for aluminium and its major ingredient alumina, outside China. Prices for alumina have surged by more than 50 percent to $640 a tonne in early May and again in early September from around $400 a tonne at the start of the year.

* COPPER INVESTORS: Hedge funds and money managers trimmed their net short position in COMEX copper contracts in the week to Sept. 18, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.

* OTHER METALS: Prices of nickel, which surged 5 percent on Friday to the strongest in since late August, slipped by 1.4 percent to $13,060. Aluminium eased 1.2 percent to $2,065 having hit its highest in 11 days on Friday.

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MARKETS NEWS

* Asia shares eased in holiday-thinned trading on Monday and the safe haven yen gained as China cancelled upcoming tariff talks with the United States, while oil prices jumped after top producers including Russia ruled out boosting crude output.

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 Melanie Burton; editing by Richard Pullin

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