April 26, 2019 / 4:01 AM / 3 months ago

METALS-Copper prices rise from 1-month low amid trade hopes, weaker dollar

(Updates prices)

By Mai Nguyen

SINGAPORE, April 26 (Reuters) - London copper on Friday rebounded from a one-month low touched in the previous session, buoyed as the U.S. dollar eased from a two-year high and supported by hopes of a U.S.-China trade deal.

Three-month copper on the London Metal Exchange rose 0.7 percent to $6,411.50 a tonne by 0740 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 dollar index versus a basket of six major currencies dropped slightly on Friday but stayed near its two-year peak. A weaker greenback 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.

“We believe prices will witness limited upside in the coming weeks, unless a U.S.-China trade deal is finally struck, as concerns over global growth continue,” Fitch Solutions said in a report.

“Nevertheless non-ferrous metal prices remain elevated in the year-to-date and we expect them to head higher from spot as we move into H219 on the back of robust demand from China,” the report said.

FUNDAMENTALS

* LONDON: London nickel rose 0.6 percent, while zinc leaped 1.7 percent, aluminium advanced 0.2 percent and lead climbed 0.3 percent.

* SHANGHAI: Shanghai copper ended down 0.5 percent at 48,970 yuan ($7,270.76) a tonne following London’s overnight drop. Aluminium decreased 0.3 percent and zinc increased 1.4 percent.

* SHANGHAI STOCKS: Copper inventories in warehouses monitored by the Shanghai Futures Exchange AL-STX-SGH dropped to the lowest since October 2017 at 638,030 tonnes, while zinc ZN-STX-SGH fell 10 percent from a week earlier to a near three-month low at 79,399 tonnes.

* COPPER OUTPUT: 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.

* GLENCORE/AURELIA: 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

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 = 6.7352 Chinese yuan)

Reporting by Mai Nguyen; Editing by Joseph Radford and Subhranshu Sahu

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