August 24, 2018 / 5:00 AM / a month ago

METALS-London copper shrugs off losses, heads for best week in 4

 (Adds comment, updates prices)
    BEIJING, Aug 24 (Reuters) - London copper price recovered
from an early dip to trade higher for the first session in three
on Friday, as investors shrugged off the lack of a breakthrough
in U.S.-China trade talks and sensed buying opportunities.
    London Metal Exchange copper is on course to end the week
1.4 percent higher, which would mark its first weekly jump since
the week ended Jul. 27 after concerns the trade spat would hurt
demand for industrial metals weighed on prices.
    "There is definitely evidence that trade buyers are
beginning to price in metals generally amid a scenario of
falling stocks and rising physical premiums," Malcolm Freeman,
director of Kingdom Futures, wrote in a note.
    China copper import premiums SMM-CUYP-CN are currently at
$86 per tonne, their highest since October 2016, while zinc
premiums ZN-BPCIF-SHMET on a cost, insurance, freight (c.i.f.)
basis have risen to $160 a tonne, the most since November 2017.
                    
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the LME was up
0.4 percent at $6,011 a tonne by 0434 GMT, after a 0.3 percent
drop in the previous session. 
    * SHFE COPPER: The most-traded October copper contract on
the Shanghai Futures Exchange was up 0.8 percent to
48,630 yuan ($7,074.48) a tonne by the mid-session interval and
is on course for a weekly gain of 1.6 percent.
    * TRADE TALKS: U.S. and Chinese officials ended two days of
talks on Thursday with no major breakthrough as their trade war
escalated with activation of another round of dueling tariffs on
$16 billion worth of each country's goods.    
    * ZINC: Shanghai zinc climbed as much as 2.6
percent to a one-week high of 21,190 yuan a tonne as is up 6.3
percent this week, which would be its biggest weekly jump since
the week ended Aug. 18, 2017. It lost 7.5 percent last week.    
    * LEAD: Shanghai lead rose as much as 2.7 percent
to a two-week high of 18,280 yuan a tonne on concerns over tight
stocks, and is heading for its best week since June. 
    * LEAD: Canadian diversified miner Teck Resources Ltd
, said on Thursday that lead smelting at its
Trail, British Columbia facility was suspended for a fourth day
due to wildfires in the province.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks fell on Friday after U.S.-China trade talks
ended without progress, with markets braced for a speech by
Federal Reserve Chairman Jerome Powell for hints on the
direction of U.S. monetary policy.    
        
    DATA AHEAD (GMT)

    0600  Germany     Detailed GDP Q2
    1230  U.S.      Durable goods Jul
    1400  Federal Reserve Chairman Jerome Powell speaks 
          at Jackson Hole, Wyoming symposium     
        
    PRICES
                                           0444 GMT
 Three month LME copper                        6022
 Most active ShFE copper                      48630
 Three month LME aluminium                     2076
 Most active ShFE aluminium                   14775
 Three month LME zinc                        2504.5
 Most active ShFE zinc                        21170
 Three month LME lead                        2083.5
 Most active ShFE lead                        18260
 Three month LME nickel                       13350
 Most active ShFE nickel                     109900
 Three month LME tin                          18975
 Most active ShFE tin                        145220
                                                   
                                                   
 LME/SHFE COPPER              LMESHFCUc3     477.82
 LME/SHFE ALUMINIUM           LMESHFALc3   -1762.41
 LME/SHFE ZINC                LMESHFZNc3     530.37
 LME/SHFE LEAD                LMESHFPBc3     660.38
 LME/SHFE NICKEL              LMESHFNIc3       1892
 ($1 = 6.8740 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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