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SINGAPORE - London copper on Thursday was almost unchanged, as support from progressing U.S.-China trade talks was countered by rising supply and concerns about a global slowdown.
FUNDAMENTALS
* Benchmark copper in London barely moved, pricing at $6,462 a tonne by 0205 GMT. Other London metals were mixed, with aluminium edging up 0.2 percent and nickel and zinc falling 0.4 percent each.
* The most-traded Shanghai copper contract fell 0.5 percent to 49,420 yuan ($7,362.27) a tonne. Copper stockpiles in warehouses monitored by the Shanghai Futures Exchange stayed at 257,320 tonnes by the end of last week, up from around 100,000 tonnes at the beginning of this year.
* The United States and China continued to make progress in trade talks and have agreed on a mechanism to enforce any trade agreement, including setting up new "enforcement offices", U.S. Treasury Secretary Steven Mnuchin said on Wednesday.
* The U.S. Federal Reserve is likely to leave interest rates unchanged this year given risks to the U.S. economy from a global slowdown and uncertainty over trade policies and financial conditions.
* Chinese miner MMG Ltd has sent some supplies and personnel to its copper mine Las Bambas after protesters in Peru partially suspended their two-month road blockades, a company source said on Wednesday.
* Chile's Codelco, the world's biggest copper producer, is set to shell out $40 billion in 10 years to overhaul its century-old Chuquicamata and El Teniente mines, among others, Chairman Juan Benavides said on Wednesday.
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MARKETS NEWS
* Asian stocks held near eight-month highs on Thursday and the dollar slipped again on expectations global interest rates will stay lower for longer after a dovish turn by the European Central Bank and milder-than-expected U.S. inflation.
DATA/EVENTS (GMT)
0600 Germany HICP Final YY March
0645 France CPI (EU Norm) Final MM YY March
1230 US Initial Jobless Claims weekly
1330 Federal Reserve Vice Chairman Richard Clarida
speaks on the U.S. economic outlook and monetary
policy before the Institute of International
Finance Washington Policy Summit
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 = 6.7126 Chinese yuan renminbi)
(Reporting by Mai Nguyen; Editing by Shreejay Sinha)
© Reuters News 2019