BEIJING  - London copper prices inched up in early trade on Wednesday after a more than 1% drop in the previous session, as the dollar fell from a three-week peak and investors awaited the minutes of the Federal Reserve's July policy meeting.

A weaker greenback makes dollar-denominated metals cheaper for holders of other currencies and can support prices.   

FUNDAMENTALS

COPPER: Three-month copper on the London Metal Exchange rose 0.3% to $5,725 a tonne by 0149 GMT, after closing down 1.1% in the previous session on concerns of weak demand in top metals consumer China. The most-traded October copper contract on the Shanghai Futures Exchange fell 0.6% to 46,350 yuan ($6,568.51) a tonne.

COPPER: The global world refined copper market showed a 62,000 tonnes deficit in May, compared with a 124,000 tonnes deficit in April, the International Copper Study Group said in its latest monthly bulletin.

USD: The dollar index against a basket of six major currencies was flat at 98.210 after shedding 0.2% overnight 

VEDANTA: Zambian President Edgar Lungu will not meet the chairman of Vedanta Resources to discuss the disputed liquidation of its Konkola Copper Mines on his visit to India this week, a statement from the Zambian State House said.

TRADE: President Donald Trump on Tuesday said he had to confront China over trade even if it caused short-term harm to the U.S. economy because Beijing had been cheating Washington for decades.   

ALUMINIUM: Xinfa Group, one of China's top aluminium producers, has shut down an aluminium production line after an explosion at a plant in the northwestern Chinese region of Xinjiang, according to a company source.

OTHER METALS: Zinc, which hits its lowest since October 2016 on Tuesday, gained 0.5% and aluminium added 0.2% on a mixed LME complex, with nickel, lead and tin all marginally lower.

COLUMN: Tiny tin market sounds a recessionary warning note: Andy Home 

MARKETS NEWS   

Asian shares fell as fresh worries about a global recession led investors to dump risky assets.   

DATA AHEAD (GMT)

1400    US    Existing Home Sales July

1800    US    Federal Open Market Committee releases the minutes

from its July 30-31 policy meeting       

PRICES   

BASE METALS PRICES                         0151 GMT

Three month LME copper                         5725

Most active ShFE copper                         46350

Three month LME aluminium                  1785.5

Most active ShFE aluminium                   14310

Three month LME zinc                          2238.5

Most active ShFE zinc                           18475

Three month LME lead                         2059.5

Most active ShFE lead                          16960

Three month LME nickel                       15840

Most active ShFE nickel                      123540

Three month LME tin                           16470

Most active ShFE tin                          131540

($1 = 7.0564 Chinese yuan renminbi)

(Reporting by Tom Daly; editing by Richard Pullin)

© Reuters News 2019