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Mai Nguyen

Copper primed for a pop if U.S./China trade war is resolved

03 Dec 2019

SINGAPORE Low inventories across the copper supply chain mean that any resolution to the U.S.-China trade war could trigger a snap rally in prices as consumers rush to restock, market participants said on Tuesday.

METALS-Copper hits two-week high as Trump comments lift demand prospects

27 Nov 2019

SINGAPORE, Nov 27 Shanghai copper prices hit a two-week high on Wednesday as positive signals from the Sino-U.S. trade negotiations fanned hopes of improving global appetite for the metal.

METALS-Base metals rise on China-U.S. trade optimism

25 Nov 2019

SINGAPORE, Nov 25 Prices of industrial metals mostly increased on Monday, as some positive signals from Washington rekindled optimism that the United States and China could soon sign a trade deal.

METALS-Copper rebounds on revived U.S.-China trade optimism

15 Nov 2019

(Adds details, updates prices) By Mai Nguyen SINGAPORE, Nov 15 Copper prices in London snapped a five-session losing streak on Friday as comments from a senior U.S. official that Washington and Beijing are getting close to an interim trade pact lifted hopes of demand for the metal, used as a gauge of economic health. The United States and China are getting close to a trade agreement and talks are "very constructive", White House economic adviser Larry Kudlow said, while Beijing said they are holding "in-depth" discussions with Washington. Three-month copper on the London Metal Exchange (LME) was up 0.3% at $5,832 a tonne, as of 0756 GMT. The contract is set for a weekly drop after losing a combined 2.7% in the previous five sessions. "Despite the prospects of a 'phase one' deal being closer, we believe that structural differences on a number of issues between the United States and China will hamper any further progress in resolving the bilateral trade dispute until at least after the U.S. Presidential elections in November 2020," said Fitch Solutions in a note. "Consequently, sentiment for base metals will remain weak in the coming weeks and into 2020, particularly for copper and aluminium where the fundamental picture continues to disappoint," they added. FUNDAMENTALS * COPPER STOCKS: Copper stocks on LME-approved warehouses fell to a five-month low, while inventories in warehouses tracked by the Shanghai Futures Exchange (ShFE) fell to a one-month low of 135,513 tonnes. * LME PRICES: Aluminium edged up 0.1% to $1,742 a tonne, zinc fell 0.4% to $2,387.50 a tonne, lead declined 0.2% to $2,013 a tonne and nickel dropped 1.1% to $14,985 a tonne. * SHFE PRICES: ShFE's most-traded copper contract dipped 0.1% to 46,930 yuan ($6,709.94) a tonne, tracking losses overnight in London, nickel dropped 2.4% to 118,470 yuan a tonne, while lead rose 0.4% to 15,810 yuan a tonne and tin edged up 0.2% to 134,490 yuan a tonne. * INDONESIA NICKEL: Indonesia exported 8.85 million tonnes of nickel ore and nickel products in October, up 0.7% from a month earlier, while Jan-Oct exports fell 4% on-year to 73.2 million tonnes, official data showed. * NICKEL STOCKS: Nickel inventories in warehouses tracked by ShFE rose 18% in a week to their highest since May 2018 at 36,277 tonnes, while LME nickel stocks have been hovering around an 11-year low. * LEAD: ShFE lead stocks jumped 33% in a week to 38,384 tonnes, their highest since Aug. 2, while the discount of LME lead cash to the three-month contract expanded to $8 a tonne, a level unseen since Sept. 24. * For the top stories in metals and other news, click or 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 = 6.9941 Chinese yuan) (Reporting by Mai Nguyen; Editing by Shailesh Kuber and Sherry Jacob-Phillips)

METALS-LME copper eases on mixed trade signals, tepid China data

08 Nov 2019

(Updates prices) By Mai Nguyen SINGAPORE, Nov 8 London copper prices edged down on Friday as tepid China data raised concerns of weak demand for the metal, while mixed signals from the U.S.-China trade scene sparked worries over the prospects of sealing a deal. Benchmark three-month copper on the London Metal Exchange (LME) was down 0.3% at $5,959 a tonne, as of 0818 GMT, after hitting its highest in more than three months on Thursday. The most-traded copper contract on the Shanghai Futures Exchange (ShFE) closed up 0.2% to 47,340 yuan ($6,780.58) a tonne, having eased from stronger gains earlier in the Asian trading hours. Beijing and Washington have agreed to roll back tariffs on each others' goods if a "phase one" trade deal is completed, officials from both sides said on Thursday. However, the excitement soon subsided after White House trade adviser Peter Navarro said there was no agreement to remove any of the existing tariffs as a condition of a phase one deal. "While the United States and China have announced that they are on the cusp of signing a 'phase one' trade deal, structural disagreements are likely to persist," Fitch Solutions said in a report. "This will not only undercut scope for a 'phase two' agreement, but also increase the risk of a re-acceleration of trade tensions in the coming quarters," they added. Concerns of a drop in copper demand also weighed on prices, after top consumer China reported weak imports of the metal. "The market is not good," said CRU analyst He Tianyu, adding that demand for copper from China this year had been increasing but at a slower rate than in 2018, due to weak consumption in the automotive and air conditioning sectors. FUNDAMENTALS * CHINA IMPORTS: China's copper imports fell 3.1% in October from the previous month, customs data showed, as a cooling manufacturing sector in the country kept demand subdued, while aluminium exports slipped to an eight-month low. * CODELCO COPPER: Chile's Codelco, the world's top copper producer, boosted output by 7.5% in September to 145,300 tonnes, Chilean copper commission Cochilco said on Thursday, though its total production for the year continued to lag. * INDONESIA NICKEL: Indonesia has allowed some nickel ore exporters to resume shipments following a temporary halt to investigate reports of violations, a senior official said. * SHANGHAI STOCKS: ShFE nickel stocks climbed 12% from a week earlier to 30,831 tonnes, their highest since the week ended June 1, 2018, while lead stocks jumped 34.7% in the same period to a 10-week high. * ALUMINIUM: Shanghai aluminium prices climbed as high as 14,120 yuan a tonne, a level unseen since Sept. 25, as stocks in the warehouses tracked by ShFE were at their lowest since March 2017 at 278,736 tonnes. * OTHER PRICES: LME nickel rose 0.1% to $16,215 a tonne and lead fell 0.9% to $2,093.50 a tonne. ShFE nickel decreased 0.4% to 130,570 yuan a tonne while lead eased 0.2% to 16,100 yuan a tonne. * For the top stories in metals and other news, click or 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 = 6.9817 Chinese yuan renminbi) (Reporting by Mai Nguyen; Editing by Uttaresh.V and Sherry Jacob-Phillips)

METALS-Shanghai lead nears 4-month low on higher China inventories

06 Nov 2019

SINGAPORE, Nov 6 Shanghai lead prices fell to their lowest in nearly four months on Wednesday, as increasing inventories in top consumer China raised worries about a surplus.

METALS-LME copper set for 3rd straight daily gain on supply worries

05 Nov 2019

SINGAPORE, Nov 5 Copper prices rose on Tuesday, after producer Antofagasta Plc cut its output forecast from Chile due to nationwide protests in the world's biggest producer of the metal.

METALS-LME aluminium hits over 6-week peak on supply fears

04 Nov 2019

SINGAPORE, Nov 4 London aluminium prices rose to their highest in more than six weeks on Monday on worries of a supply shortage after stocks of the metal used in transport and packaging dropped.

METALS-Copper prices rebound after solid China factory data

01 Nov 2019

(Adds Shanghai closing prices, stocks data; updates London prices) By Mai Nguyen SINGAPORE, Nov 1 London copper prices rebounded on Friday after a sharp fall in the previous session, as a private survey showed manufacturing activity in China was better than expected. China's factory activity expanded at the fastest pace in well over two years in October as new export orders rose and plants ramped up production, the Caixin/Markit Manufacturing Purchasing Managers' Index showed. But the results stand in contrast with an official survey published on Thursday, which showed China's factory activity shrank for the sixth straight month in October. The official survey focuses more on heavy industry than Caixin's, and the two surveys cover different places in China, the world's biggest user of copper that is widely used in manufacturing. Three-month copper on the London Metal Exchange (LME) was up 0.7% at $5839 a tonne, as of 0739 GMT, recovering from a 1.9% drop in the previous session, which was the biggest fall in almost three months due to the weak China data on Thursday. It is still heading for a weekly drop. "The market indicates prices are up today due to the Caixin data. However, the impact of the PMI data is limited," said a China-based base metal analyst. Gains in copper prices were capped by uncertainty over whether the United States and China can reach a trade deal. The most-traded copper contract on the Shanghai Futures Exchange fell as much as 1.3%, reflecting overnight losses in London, but later recovered to close down 0.5% at 47,120 yuan ($6,694.89) a tonne, posting a 0.7% weekly dip, its biggest since the week ended Aug. 2. FUNDAMENTALS * TRADE: U.S. President Donald Trump said the United States and China would soon announce a new site where he and Chinese President Xi Jinping will sign a "Phase One" trade deal after Chile cancelled a planned summit set for mid-November. * NICKEL: Nickel miner Independence Group NL said it will stop work on developing a downstream nickel sulphate facility after winning improved terms in two recent off-take agreements for concentrate from its Nova mine. * AURUBIS: Europe's largest copper producer Aurubis AG remains on the hunt for takeovers with a war chest of about $1 billion, Chief Executive Roland Harings said. * LME: The LME complex was higher across the board as the dollar softened. Aluminium edged up 0.3%, nickel advanced 0.9%, while zinc and sister metal lead both rose 0.5% and tin inched up 0.03%. * SHFE STOCKS: Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 4.8% from the previous week to 149,911 tonnes, the exchange said on Friday. PRICES BASE METALS PRICES 0739 GMT Three month LME copper 5838 Most active ShFE copper 47110 Three month LME aluminium 1760 Most active ShFE aluminium 13875 Three month LME zinc 2494.5 Most active ShFE zinc 18950 Three month LME lead 2168 Most active ShFE lead 16570 Three month LME nickel 16790 Most active ShFE nickel 134560 Three month LME tin 16530 Most active ShFE tin 137170 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 748.08 LME/SHFE ALUMINIUM LMESHFALc3 -157.83 LME/SHFE ZINC LMESHFZNc3 -1113.5 LME/SHFE LEAD LMESHFPBc3 -1263.63 LME/SHFE NICKEL LMESHFNIc3 -5093.08 ($1 = 7.0382 Chinese yuan renminbi) (Reporting by Mai Nguyen; additional reporting by Tom Daly in Beijing; Editing by Rashmi Aich, Aditya Soni and Susan Fenton)

METALS-Copper steady as weak Chinese data counters supply concern

31 Oct 2019

SINGAPORE, Oct 31 London copper was steady and Shanghai copper eased on Thursday as China data pointed to weak demand while worries of supply disruption in Chile, the world's biggest producer, lent some support.

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