April 26, 2019 / 2:11 AM / 3 months ago

METALS-Copper prices edge away from one-month low as dollar dips

SINGAPORE, April 26 (Reuters) - London copper prices on Friday inched away from a one-month low touched in the previous session, buoyed as the U.S. dollar eased from a two-year high.

Three-month copper on the London Metal Exchange had edged up 0.1 percent to $6,369 a tonne by 0142 GMT, after marking its lowest since March 28 on Thursday on a strong U.S. dollar and worries over the outlook for the global economy.

The U.S. dollar dropped slightly against a basket of major currencies on Friday, though it was but still near its two-year peak. A weaker U.S. dollar makes dollar-denominated metals cheaper for buyers with other currencies.

Sentiment was also supported by news that U.S. President Donald Trump would soon host Chinese leader Xi Jinping at the White House, setting the stage for a possible agreement on trade between the world’s two largest economies.

FUNDAMENTALS

* Shanghai copper fell 0.8 percent to 48,830 yuan ($7,250.62) a tonne following the overnight drop in London.

* Most other metals rose, with London nickel and zinc both up 0.5 percent.

* Freeport-McMoRan Inc’s copper output fell 18 percent to around 340,000 tonnes in the first quarter, while Anglo American’s production rose by 4 percent to 161,100 tonnes.

* Australian miner Aurelia Metals Ltd said it was in talks about a possible acquisition of Glencore’s CSA copper mine in the state of New South Wales.

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

MARKETS NEWS

* Asian shares got off to a subdued start, while the dollar held near two-year highs against the euro.

DATA/EVENTS (GMT)

1030 Russia Central bank key rate April

1230 US GDP Advance Q1

1400 US U Mich Sentiment Final April

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 = 6.7346 Chinese yuan renminbi)

Reporting by Mai Nguyen; Editing by Joseph Radford

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