August 21, 2019 / 2:09 AM / a month ago

METALS-London copper edges higher on softer dollar, eyes Fed minutes

    BEIJING, Aug 21 (Reuters) - London copper prices inched up
in early trade on Wednesday after a more than 1% drop in the
previous session, as the dollar fell from a three-week peak and
investors awaited the minutes of the Federal Reserve's July
policy meeting. 
    A weaker greenback makes dollar-denominated metals cheaper
for holders of other currencies and can support prices.    
    
    FUNDAMENTALS
    * COPPER: Three-month copper on the London Metal Exchange
 rose 0.3% to $5,725 a tonne by 0149 GMT, after closing
down 1.1% in the previous session on concerns of weak demand in
top metals consumer China. The most-traded October copper
contract on the Shanghai Futures Exchange fell 0.6% to
46,350 yuan ($6,568.51) a tonne.
    * COPPER: The global world refined copper market showed a
62,000 tonnes deficit in May, compared with a 124,000 tonnes
deficit in April, the International Copper Study Group said in
its latest monthly bulletin.
    * USD: The dollar index against a basket of six major
currencies was flat at 98.210 after shedding 0.2% overnight
    * VEDANTA: Zambian President Edgar Lungu will not meet the
chairman of Vedanta Resources to discuss the disputed
liquidation of its Konkola Copper Mines on his visit to India
this week, a statement from the Zambian State House said.

    * TRADE: President Donald Trump on Tuesday said he had to
confront China over trade even if it caused short-term harm to
the U.S. economy because Beijing had been cheating Washington
for decades.    
    * ALUMINIUM: Xinfa Group, one of China's top aluminium
producers, has shut down an aluminium production line after an
explosion at a plant in the northwestern Chinese region of
Xinjiang, according to a company source.
    * OTHER METALS: Zinc, which hits its lowest since
October 2016 on Tuesday, gained 0.5% and aluminium added 0.2% on
a mixed LME complex, with nickel, lead and tin
 all marginally lower. 
    * COLUMN: Tiny tin market sounds a recessionary warning
note: Andy Home  
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares fell as fresh worries about a global
recession led investors to dump risky assets.    
        
    DATA AHEAD (GMT)
1400    US    Existing Home Sales    July
1800    US    Federal Open Market Committee releases the minutes
from its July 30-31 policy meeting        
        
    PRICES    
 BASE METALS PRICES                       0151 GMT
 Three month LME copper                       5725
 Most active ShFE copper                     46350
 Three month LME aluminium                  1785.5
 Most active ShFE aluminium                  14310
 Three month LME zinc                       2238.5
 Most active ShFE zinc                       18475
 Three month LME lead                       2059.5
 Most active ShFE lead                       16960
 Three month LME nickel                      15840
 Most active ShFE nickel                    123540
 Three month LME tin                         16470
 Most active ShFE tin                       131540
 

($1 = 7.0564 Chinese yuan renminbi)

 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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