April 11, 2019 / 2:24 AM / 2 months ago

METALS-Copper in tight range as supply, growth concerns offset trade talks progress

SINGAPORE, April 11 (Reuters) - London copper on Thursday was almost unchanged, as support from progressing U.S.-China trade talks was countered by rising supply and concerns about a global slowdown.

FUNDAMENTALS

* Benchmark copper in London barely moved, pricing at $6,462 a tonne by 0205 GMT. Other London metals were mixed, with aluminium edging up 0.2 percent and nickel and zinc falling 0.4 percent each.

* The most-traded Shanghai copper contract fell 0.5 percent to 49,420 yuan ($7,362.27) a tonne. Copper stockpiles in warehouses monitored by the Shanghai Futures Exchange stayed at 257,320 tonnes by the end of last week, up from around 100,000 tonnes at the beginning of this year. CU-STX-SGH

* The United States and China continued to make progress in trade talks and have agreed on a mechanism to enforce any trade agreement, including setting up new “enforcement offices”, U.S. Treasury Secretary Steven Mnuchin said on Wednesday.

* The U.S. Federal Reserve is likely to leave interest rates unchanged this year given risks to the U.S. economy from a global slowdown and uncertainty over trade policies and financial conditions.

* Chinese miner MMG Ltd has sent some supplies and personnel to its copper mine Las Bambas after protesters in Peru partially suspended their two-month road blockades, a company source said on Wednesday.

* Chile’s Codelco, the world’s biggest copper producer, is set to shell out $40 billion in 10 years to overhaul its century-old Chuquicamata and El Teniente mines, among others, Chairman Juan Benavides said on Wednesday.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian stocks held near eight-month highs on Thursday and the dollar slipped again on expectations global interest rates will stay lower for longer after a dovish turn by the European Central Bank and milder-than-expected U.S. inflation.

DATA/EVENTS (GMT)

0600 Germany HICP Final YY March

0645 France CPI (EU Norm) Final MM YY March

1230 US Initial Jobless Claims weekly

1330 Federal Reserve Vice Chairman Richard Clarida

speaks on the U.S. economic outlook and monetary

policy before the Institute of International

Finance Washington Policy Summit

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 = 6.7126 Chinese yuan renminbi)

Reporting by Mai Nguyen; Editing by Shreejay Sinha

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