December 20, 2019 / 5:27 AM / a month ago

METALS-Copper set for 5th straight weekly gain on easing trade tensions

 (Adds comment, updates prices)
    BEIJING, Dec 20 (Reuters) - London copper prices held steady
above $6,200 a tonne on Friday, heading for their fifth straight
weekly gain on easing Sino-U.S. trade tensions and an improving
demand outlook in top consumer China. 
    The metal widely used in construction and power is on course
to add 1.4% this week and is up 4.2% so far this year. 
    "Most metal prices have received a boost so far in December,
largely on the back of more positive trade war rhetoric as well
as improving macroeconomic data coming from China and the U.S.,"
Fitch Solutions said in a note.
    "Nevertheless, we have maintained our copper price forecast
at an average of $5,700/tonne in 2020, down from $6,000/tonne in
2019, as we believe global macroeconomic concerns will hold
strong next year and hamper sentiment for metals," it added.    
    
    FUNDAMENTALS
    * COPPER: Three-month copper on the London Metal Exchange
 was flat at $6,217.50 a tonne by 0505 GMT, after ending
0.7% higher at $6,215 on Thursday, its highest close since May
3. The most-traded February copper contract on the Shanghai
Futures Exchange climbed 0.7% to 49,370 yuan 
($7,042.49) a tonne by the end of the morning session.
    * TRADE: China and the United States are in touch over the
signing of their Phase one trade deal, China's commerce ministry
said, which will see lower U.S. tariffs on Chinese goods and
higher Chinese purchases of U.S. farm, energy and manufactured
goods.
    * LENDING: China stood pat on its lending benchmark rate on
Friday, as expected, after the central bank kept borrowing costs
of medium-term loans steady earlier this month.
    * ALUMINIUM: Shanghai aluminium rose for a fourth
straight day, by as much as 0.6% to 14,245 yuan a tonne, the
highest since Sept. 16, as low inventories raise supply
concerns. The metal is on course to rise 1.7% this week for its
biggest weekly jump since August. LME aluminium added as much as
0.4% to $1,804.50 a tonne, the highest since Nov. 11.
    * CHALCO: Aluminum Corp of China Ltd,
known as Chalco, said on Thursday it would pay 1.29 billion yuan
($183 million) for a 10% stake in regional aluminium producer
Yunnan Aluminium via a share offering.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares snoozed near 18-month highs as trade thinned
in the run-up to Christmas and investors seemed content to
digest the chunky gains already made so far this month.
    
        
    DATA AHEAD (GMT)
    0930  UK      GDP QQ, YY                 Q3
    1200  Brazil  IPCA-15 Mid-Month CPI      Dec
    1330  US      GDP Final                  Q3
    1500  US      Consumption, Adjusted MM   Nov
    1500  US      U Mich Sentiment Final     Dec
    1500  EU      Consumer Confidence Flash  Dec        
        
    PRICES        
                                           0512 GMT
 Three month LME copper                        6217
 Most active ShFE copper                      49360
 Three month LME aluminium                   1799.5
 Most active ShFE aluminium                   14170
 Three month LME zinc                          2325
 Most active ShFE zinc                        18115
 Three month LME lead                          1918
 Most active ShFE lead                        15040
 Three month LME nickel                       14230
 Most active ShFE nickel                     112180
 Three month LME tin                          17270
 Most active ShFE tin                        139660
                                                   
                                                   
 LME/SHFE COPPER               LMESHFCUc     242.59
                               3          
 LME/SHFE ALUMINIUM            LMESHFALc    -215.16
                               3          
 LME/SHFE ZINC                 LMESHFZNc    -594.44
                               3          
 LME/SHFE LEAD                 LMESHFPBc    -624.49
                               3          
 LME/SHFE NICKEL               LMESHFNIc   -3117.92
                               3          
 ($1 = 7.0103 Chinese yuan renminbi)

 (Reporting by Tom Daly; Editing by Aditya Soni and Rashmi Aich)
  
 
 
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