July 29, 2019 / 1:59 AM / a month ago

METALS-Base metals rise ahead of U.S.-China trade talks

SINGAPORE, July 29 (Reuters) - Most industrial metals on the London Metal Exchange rose on Monday, ahead of planned trade talks between U.S. and Chinese officials.

Trade negotiators from the United States and China will meet in Shanghai this week for a two-day discussion aimed at resolving the year-long trade war between the world's two biggest economies.

Three-month copper on the London Metal Exchange rose 0.2% to $5,977 a tonne by 0142 GMT, while aluminium advanced 0.3%, nickel was up 0.4%, zinc increased 0.3% and lead edged up 0.3%.

FUNDAMENTALS

* TRADE TALK OUTLOOK: Despite the talks, U.S. President Donald Trump offered a pessimistic view on reaching a trade deal with China, saying Beijing may try to delay reaching a trade deal until the 2020 election.

* SHANGHAI PRICES: The most-traded copper contract on the Shanghai Futures Exchange fell 0.3% to 46,940 yuan ($6,822.97) a tonne and aluminium dipped 0.3% while nickel advanced 0.2% and zinc was up 0.7%.

* CHINA: Profits earned by China's industrial firms contracted in June after a brief gain the previous month, fuelling concern that a slowdown in manufacturing from a bruising trade war will drag on economic growth.

* ARSENIC COPPER: Glencore has started a new copper concentrates blending facility in Taiwan to mix clean material with ores containing high levels of arsenic, three sources familiar with the matter said.

* ALUMINIUM: United Company Rusal reported a 21% rise in second quarter aluminium sales compared to the previous quarter, as the Russian aluminium giant's recovery from 10 months under U.S. sanctions accelerated.

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MARKETS NEWS

* Asian shares got off to a cautious start as markets count down to a likely cut in U.S. interest rates this week with much riding on whether or not the Federal Reserve signals yet more are in the pipeline.

DATA/EVENTS (GMT)

0600 UK Nationwide house price m/m July

0600 UK Nationwide house price y/y July

-- Japan Bank of Japan holds Monetary Policy Meeting

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 = 6.8797 Chinese yuan renminbi) (Reporting by Mai Nguyen; editing by Richard Pullin)

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