November 27, 2019 / 2:39 AM / 19 days ago

METALS-Shanghai copper hits 2-week high as trade momentum lifts sentiment

SINGAPORE, Nov 27 (Reuters) - Shanghai copper prices touched their highest in more than two weeks as positive signals from the Sino-U.S. trade negotiations stoked hopes of improving global appetite.

The United States and China are close to agreeing on the first phase of a trade deal, U.S. President Donald Trump said on Tuesday, adding that they are in the “final throes” of work.

The 16-month dispute has been weighing on global economic growth and demand for industrial metals, so signs of progress often support metals prices.

The most-traded copper contract on the Shanghai Futures Exchange (ShFE) advanced as much as 0.7% to 47,410 yuan ($6,735.43) a tonne, its highest since November 11.

Benchmark three-month copper on the London Metal Exchange (LME) dipped 0.1% to $5,917 a tonne at 0203 GMT, easing from a two-week high touched in the previous session.

FUNDAMENTALS

* COPPER: Glencore’s Mutanda mine in Democratic Republic of Congo suspended operations earlier than schedule on Monday due to a lack of sulphuric acid, a key input for copper and cobalt extraction.

* KCM: Zambia’s Konkola Copper Mines smelter could restart next week after a delay of around a fortnight, mines minister Richard Masukwa told Reuters.

* CHINA: Profits of China’s industrial firms fell 9.9% in October from a year earlier to 427.56 billion yuan ($60.74 billion), compared with a 5.3% decline in September, the National Bureau of Statistics said.

* NICKEL: LME nickel dropped 0.8% to $14,480 a tonne and ShFE nickel lost 0.3% to 113,890 yuan a tonne. Nickel prices have been pressured after the European Union launched a complaint at the World Trade Organization against Indonesia’s curbs on exporting nickel ore.

* OTHER PRICES: LME aluminium rose 0.1% to $1,755.50 a tonne, zinc advanced 0.4% to $2,309 a tonne, lead gained 0.4% to $1,950.50 a tonne, while tin was up 0.6% at $16,430 a tonne.

* SHFE PRICES: Aluminium fell 0.3% to 13,725 yuan a tonne, zinc rose 0.4% to 18,040 yuan a tonne, lead decreased 0.6% to 15,300 yuan a tonne, while tin was almost unchanged at 138,610 yuan a tonne.

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MARKETS NEWS

* Asian shares ticked higher as more upbeat signals from Sino-U.S. trade talks fanned hopes of an imminent end to tariff hostilities, which helped offset concerns about a slowing U.S. economy.

DATA/EVENTS (GMT)

1330 US Durable Goods Oct

1330 US GDP 2nd Estimate Q3

1330 US Initial Jobless Claims Weekly

1500 US Consumption, Adjusted MM Oct

1900 US Federal Reserve issues Beige Book of

economic condition

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

$1 = 7.0389 yuan Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips

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