November 6, 2018 / 7:40 AM / 8 days ago

METALS-London copper ticks up, focus on U.S. mid-term elections

 (Adds closing prices)
    By Mai Nguyen
    SINGAPORE, Nov 6 (Reuters) - Copper edged higher on Tuesday
after last session's deep fall but gains were capped as
investors stayed on the sidelines ahead of the U.S. mid-term
elections and uncertainty over the Washington-Beijing trade
deal.    
    Investors are generally expecting the opposition Democrats
to take over the House of Representatives in Tuesday elections,
while President Donald Trump's Republican Party is tipped to
retain the Senate.             
    A political gridlock between the White House and Congress
could hinder Trump's pro-business agenda and raise political
instability.
    "If you approach mid-term election ... you may just want to
stay on the sideline. It's a wait-and-see game," said Dominic
Schnider of UBS Group in Hong Kong.
    
    COPPER: Three-month copper on the London Metal Exchange
        edged up 0.2 percent at $6,201 a tonne, as of 0729 GMT,
and the most-traded copper contract on the Shanghai Futures
Exchange          closed down 0.7 percent to 49,740 yuan
($7,189.84) a tonne.
    SIDEWAY: "Three-month (outlook), we have a sideway move in
all of them (base metals) because there's still an overhang on
trade concerns on one side, and on the other side, we do see ...
in general, the inventories decline which is really favourable,"
Schnider said.
    TRADE SOLUTION: China is ready to hold discussions and work
with the United States to resolve trade disputes because the
world's two largest economies stand to lose from confrontation,
Vice President Wang Qishan said on Tuesday.             
    RALLY: After initial optimism about a phone call between
U.S. President Donald Trump and Chinese President Xi Jinping,
White House economic adviser Larry Kudlow said Trump had not
asked for a plan. Kudlow said he was less optimistic than he was
previously about reaching a deal with China.
    HOPES: U.S. President Donald Trump said on Monday China has
hurt the United States economically but was ready to make a deal
on trade, and that he is open to a fair agreement.             
    
    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 = 6.9181 yuan)

    
 (Reporting by Mai Nguyen; editing by Naveen Thukral and Rashmi
Aich)
  
 
 
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