September 6, 2018 / 7:26 AM / 2 months ago

METALS-Copper ticks up for 2nd day on dollar weakness, U.S.-China trade war weighs

(Updates prices)

By Naveen Thukral

SINGAPORE, Sept 6 (Reuters) - Copper edged higher on Thursday, rising for a second consecutive session as a weaker dollar underpinned prices even as bearish sentiment lingered amid a trade war between the United States and top metals consumer China.

The dollar sagged as the pound led a bounce in European currencies, making the greenback-priced commodities cheaper for importers holding other currencies.

COPPER: Three-month copper on the London Metal Exchange added 0.3 percent to $5,886 a tonne by 0720 GMT and the most-traded copper contract on the Shanghai Futures Exchange closed up 0.6 percent at 47,560 yuan ($6,955.45) a tonne.

BUYING: “Some light buying emerged in the base metals sector, with copper and aluminium helping push the industrials sector higher,” ANZ said in a report.

DOLLAR: “Sentiment was buoyed by the weaker U.S. dollar, which has been weighing on investor appetite in recent trading sessions. However, with the ongoing turmoil in emerging markets, plus weakness in the Chinese equity markets, the metals sector may struggle to hold their gains in coming days,” it said.

TRADE DISPUTE: U.S. President Donald Trump said on Wednesday that the United States was not yet ready to come to an agreement over trade disputes with China but he said talks would continue.

TARIFFS: The world’s two largest economies have slapped tariffs on $50 billion of each other’s goods in a tit-for-tat trade war, and Trump is considering imposing tariffs on another $200 billion in Chinese imports.

BHP: Global miner BHP has struck a deal to pay $35 million for a 6.1 percent stake in SolGold, giving it a share in the promising Cascabel copper-gold project in Ecuador after an earlier attempt failed.

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 = 6.8378 Chinese yuan)

Reporting by Naveen Thukral; Editing by Subhranshu Sahu and Sunil Nair

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