November 19, 2018 / 4:18 AM / 22 days ago

METALS-Copper edges higher amid mixed China-U.S. trade signals

 (Adds quotes, updates prices)
    By Mai Nguyen
    SINGAPORE, Nov 19 (Reuters) - London copper edged up on
Monday after U.S. President Donald Trump said he may not impose
more tariffs on Chinese goods, but gains were capped amid
tensions between the two major economies at a regional summit.
    Trump said on Friday China was willing to take steps to
resolve the prolonged U.S.-China trade war, but Vice President
Mike Pence said the following day the United States might even
double its tariffs, unless Beijing bows to their demands.
            
    Deep divisions on trade between Washington and Beijing were
clearly on display at the Asia-Pacific Economic Cooperation
summit, with leaders on Sunday failing to agree on a communique
for the first time in their history.             
    "People got really confused. There's divided opinion
approach...on one side it could be a bit bearish, on the other
side it's very hawkish," said Helen Lau, an analyst at Argonaut
Securities, referring to market's views on the trade talks.
    "Macroeconomic news should continue to dominate market
sentiment in the coming time," Lau said.
    
    COPPER: Three-month copper on the London Metal Exchange
        edged up 0.45 percent to $6,203 a tonne, as of 0728 GMT,
while the most-traded Shanghai copper contract          rose 0.4
percent to 49,780 yuan ($7,171.57) a tonne.
    COPPER TIGHT SUPPLY: Headline copper inventories in
LME-registered warehouses MCUSTX-TOTAL fell by 5,425 tonnes to
161,025 tonnes, nearing last month's 10-year low of 136,675
tonnes.
    "Copper should be tight in supply next year, so we see
copper price to gradually recover," Lau said.
    VEDANTA: India's Vedanta Ltd           has been selling
copper concentrate on the spot market from stockpiles at its
Sterlite smelter, disposing of around 70,000 tonnes of copper
concentrate unused since the plant closed earlier this year amid
pollution concerns.             
    DOLLAR: The dollar moved in narrow range versus other major
currencies on Monday after Federal Reserve officials expressed
caution over the global growth outlook, prompting traders to
reassess the pace of future U.S. interest rate increases.       
    BARRICK: Barrick Gold Corp         , soon to become the
world's largest bullion miner, is interested in adding more
copper assets as long as the red metal is accompanied by
bullion, executives said on Friday.             
    NICKEL: London nickel         fell 0.8 percent to $11,275 a
tonne, after Chinese steel prices dropped to the lowest in
nearly four months on Monday, pressured by expectations that
steel output in the world's top producer will remain strong as
cities impose more flexible production curbs this winter.
    OUTPUT: Nickel output in the Philippines, a major supplier
of the metal, is expected to increase after the country's
environment ministry said nine suspended mines will be allowed
to resume operations if they rectify previous violations of
environmental regulations.             
        
    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 = 6.9413 Chinese yuan)

    
 (Reporting by Mai Nguyen; Editing by Rashmi Aich)
  
 
 
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below