May 7, 2020 / 2:30 AM / 23 days ago

METALS-Copper prices edge up ahead of China trade data

May 7 (Reuters) - Copper futures edged higher on Thursday ahead of the release of China’s trade data for April, although simmering trade tensions between Washington and Beijing pressured prices.

Three-month copper on the London Metal Exchange ticked up 0.1% at $5,205 a tonne by 0153 GMT, extending gains into a fourth session.

The most-traded June copper contract on the Shanghai Futures Exchange rose 0.3% to 42,690 yuan ($6,006.84) a tonne.

China’s exports and imports are expected to record double-digit declines in April after a tentative recovery in March as the coronavirus pandemic batters global demand and disrupts manufacturing supply chains, a Reuters poll showed.

China’s services firms wallowed in contraction in April as layoffs hit a record and export orders plunged after signs of improvement in March, a private survey showed.

Analysts have warned it could take months before the Chinese economy returns to normal and widely expect Beijing to roll out further stimulus, including a more proactive fiscal policy.

FUNDAMENTALS

* TRADE WAR: U.S. President Donald Trump said on Wednesday he would be able to report in about a week or two whether China is fulfilling its obligations under a Phase 1 trade deal the two countries signed in January before the coronavirus spread globally.

* ALUMINIUM: A robust recovery in aluminium demand in China has boosted prices in the world’s top consumer and producer of the metal by more than 10% in a month, but traders say weak demand for Chinese exports could soon take the shine off the market.

* BARRICK: Barrick Gold Corp reported a nearly 55% rise in quarterly profit on Wednesday as gold prices surged, bolstering its ability to snap up mines including in copper, its chief executive said.

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DATA/EVENTS (GMT)

0145 China Caixin Services PMI April

0600 Germany Industrial Output MM March

0600 UK BOE Bank Rate May

0600 UK GB BOE QE Corp May

0730 UK Halifax House Prices MM April

1230 US Initial Jobless Claims Weekly

1900 US Fed issues Consumer Credit for March

n/a China Exports, Imports YY April

n/a China Trade Balance 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 = 7.1069 yuan)

Reporting by Enrico dela Cruz in Manila; Editing by Aditya Soni

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