June 19, 2019 / 2:27 AM / a month ago

CORRECTED-METALS-Shanghai base metals rise on U.S.-China trade hopes

(Corrects Chinese president’s name in paragraph 2 to Xi Jinping, from Xi Jin Ping)

SINGAPORE, June 19 (Reuters) - Industrial metals in Shanghai rose on Wednesday as hopes grew that an escalating trade war between the United States and China could abate after U.S. President Donald Trump confirmed that the two countries would resume trade talks.

Trump said on Tuesday that trade talks would happen before his meeting with Chinese President Xi Jinping at the G20 summit in Osaka. China also confirmed the meeting of the two leaders.

The most-traded copper contract on the Shanghai Futures Exchange rose as much as 1.6% to a one-week high of 47,040 yuan ($6,813.84) a tonne, while lead hit its highest since May 27 at 16,340 yuan a tonne.

Aluminium rose 0.5% at 0149 GMT, nickel advanced 1.4%, zinc increased 0.7% and tin edged up 0.3%.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange was almost unchanged, hovering around a three-week high. Other metals were mixed, with aluminium easing 0.2%, zinc down 0.4% and lead shedding 0.4%.

* Chilean miner Codelco sweetened its contract offer to workers on Tuesday in a bid to defuse rising tensions after miners striking at its giant Chuquicamata copper mine were involved in clashes with police earlier in the day.

* Tianqi Lithium Corp said on Tuesday it would strengthen inspections on its production facilities and equipment after two earthquakes struck its home province of Sichuan in southwest China.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian share markets jumped as investors dared to hope the Federal Reserve would follow the lead of the European Central Bank and open the door to future rate cuts at its policy meeting later in the day.

DATA/EVENTS (GMT)

0600 Germany Producer Prices MM May

0830 UK CPI MM YY May

0830 UK RPI YY May

1800 US Federal Open Market Committee to

announce its decision on interest rates

followed by statement

1830 US Federal Reserve chairperson to hold a

news conference

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 = 6.9036 Chinese yuan)

Reporting by Mai Nguyen; Editing by Subhranshu Sahu

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