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|05 April, 2019

Most London metals rise on trade deal hopes; trade subdued on China holiday

Benchmark copper bucked the trend, edging down 0.03% to $6,449 a tonne

Aluminium ingots are seen outside a warehouse that stores London Metal Exchange stocks in Port Klang Free Zone, outside Kuala Lumpur, March 23, 2015.

Aluminium ingots are seen outside a warehouse that stores London Metal Exchange stocks in Port Klang Free Zone, outside Kuala Lumpur, March 23, 2015.

REUTERS/Olivia Harris

SINGAPORE  - Most London industrial metals rose on Friday, supported by news that the United States and China are edging closer to a trade deal after months of dispute.

U.S. President Donald Trump said on Thursday a trade deal with China could be reached in about four weeks, but he issued a warning to Beijing that, absent a pact, it would be difficult to allow trade to continue.

Benchmark copper bucked the trend, edging down 0.03 percent to $6,449 a tonne by 0311 GMT, on track for a weekly loss, as copper stockpile increased in London Metal Exchange-approved warehouses.

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Copper inventories in LME-registered warehouses leaped by 30,375 tonnes to 198,325 tonnes as of Wednesday, the highest in six months and nearly double the level three weeks ago, latest data showed. 

"Copper prices were under pressure after another rise in inventories," said ANZ in a note.

FUNDAMENTALS

* LONDON PRICES: Three-month aluminium rose 0.5 percent, nickel was up 0.3 percent and zinc increased 0.6 percent. Volume was low as China is closed for a public holiday.

* LAS BAMBAS: A Peruvian judge on Wednesday ordered jail time for lawyers representing indigenous villagers who have blockaded shipments from Las Bambas copper mine operated by Chinese miner MMG Ltd.

* GRASBERG: In Indonesia, a mudslide at Freeport-McMoran's Grasberg mine, the world's second-largest copper mine, injured two workers while two others were missing on Wednesday.

* CHINA HOLIDAY: The Shanghai Futures Exchange is closed on Friday for the Tomb Sweeping Day holiday and will reopen on Monday.

PRICES

Three month LME copper CMCU3

Most active ShFE copper SCFcv1

Three month LME aluminium CMAL3

Most active ShFE aluminium SAFcv1

Three month LME zinc CMZN3

Most active ShFE zinc SZNcv1

Three month LME lead CMPB3

Most active ShFE lead SPBcv1

Three month LME nickel CMNI3

Most active ShFE nickel SNIcv1

Three month LME tin CMSN3

Most active ShFE tin SSNcv1

(Reporting by Mai Nguyen; Editing by Subhranshu Sahu and Rashmi Aich) ((mai.nguyen@thomsonreuters.com; +6568703435; Reuters Messaging: mai.nguyen.thomsonreuters.com@reuters.net))

(( For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: Base metals news MET All metals news MTL All commodities news C Metals diary MTL/DIARY Foreign exchange rates FX=S SPEED GUIDES COMMODS LME/INDEX ))

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