SINGAPORE, Aug 7 (Reuters) - London copper rose on Wednesday, rebounding from a two-year low level hit earlier this week, after a media report said that a senior U.S. official said the Donald Trump administration was still planning for talks with China.
White House National Economic Council director Larry Kudlow told CNBC that the Trump administration wants to continue talks with China and was still planning to host a Chinese delegation for talks in September.
Steps taken by Chinese authorities to contain a sliding yuan also helped calm fears of a full-blown Sino-U.S. trade and currency war.
London copper rose 0.5% to $5,711 a tonne by 0159 GMT, after hitting its lowest in over two years on Monday and was barely unchanged on Tuesday. Meanwhile Shanghai copper edged up 0.1% to 46,190 yuan ($6,566.12) a tonne.
* CHINA POLL: China’s exports probably fell for a second successive month while imports likely contracted more sharply in July, a Reuters poll showed, hurt by tit-for-tat tariffs in a rapidly escalating trade war with the United States.
* TRUMP: Trump pledged to stand with American farmers in the face of Chinese retaliation, after Beijing halted U.S. agricultural purchases and raised the possibility of additional tariffs on U.S. farm products in response to new U.S. tariffs.
* LME: The London Metal Exchange is poised to extend its closing open-outcry trading sessions for all metals after volumes jumped in a three-month trial, denting expectations of an eventual move to full electronic trading.
* GLENCORE/COBALT: Glencore Plc will halt production at Mutanda mine, the world’s largest cobalt mine, from the end of this year after a slump in prices for cobalt, Financial Times reported on Tuesday.
* PRICES: London aluminium rose 0.4%, nickel fell 0.1% while lead decreased 0.4%. In Shanghai, aluminium eased 0.1%, zinc dropped 1.1% while lead rallied 0.9%.
* LEAD: “Both primary and secondary lead are in deficit, and smelters’ enthusiasm for production is not good, so supply may be reduced,” said a lead smelter.
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* Asian shares steadied slightly as investors caught their breath from a searing week-long selloff, with steps taken by Chinese authorities to contain a sliding yuan helping calm fears of a full-blown Sino-U.S. trade and currency war.
0130 Australia Housing Finance June
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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 = 7.0346 Chinese yuan renminbi) (Reporting by Mai Nguyen; Editing by Rashmi Aich)