SINGAPORE, July 30 (Reuters) - Industrial metals traded in tight ranges on Tuesday as investors exercised caution ahead of planned U.S.-China trade talks and a two-day U.S. Federal Reserve meeting starting later today.
The U.S. Fed is widely expected to lower interest rates by 25 basis points, cutting for the first time in a decade and potentially weakening the U.S. dollar, making greenback-priced metals cheaper for holders of other currencies.
Meanwhile, U.S. and Chinese officials are due to meet on Tuesday in Shanghai for talks on a year-long trade dispute that has weighed on global economic growth and demand for industrial metals.
Three-month copper on the London Metal Exchange was almost flat at $6,019.50 a tonne by 0132 GMT, while aluminium edged up 0.2%, nickel eased 0.1%, zinc advanced 0.4% and lead increased 0.3%.
The most-traded copper contract on the Shanghai Futures Exchange rose 0.9% to 47,320 yuan ($6,865.23) a tonne, aluminium edged up 0.3%, nickel and zinc advanced 1.7% each while lead increased 0.5%.
* RARE EARTH: Australian rare earth producer Lynas Corp Ltd said on Monday it is on track to have its Malaysian operating licence renewed, as it flagged soft demand from China amid a slip in quarterly sales revenue.
* TRADE TALKS: Expectations for progress at the U.S.-China trade meeting are low, so officials and businesses are hoping Washington and Beijing can at least detail commitments for “goodwill” gestures and clear the path for future negotiations.
* For the top stories in metals and other news, click or
* Asian stocks edged up as equity investors prepared for an expected U.S. interest rate cut this week while heightened concerns in currency markets about a no-deal Brexit sent the pound to a 28-month low.
0130 Australia Building approvals June
0230 Japan Bank of Japan Governor Haruhiko Kuroda
speaks to reporters at the end of the
central bank policy meeting
0530 France GDP Preliminary QQ Q2
0900 EU Consumer Confidence Indicator, final July
1100 Brazil IGP-M Inflation Index July
1200 Germany CPI Prelim YY July
1200 Germany HICP Prelim YY July
1230 US Consumption, adjusted June
1400 US Consumer Confidence July
-- Japan JP BOJ Rate Decision
-- US U.S. Federal Reserve’s Federal Open Market
Committee starts its two-day meeting on
interest rates (to July 31)
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 = 6.8927 Chinese yuan renminbi) (Reporting by Mai Nguyen; editing by Richard Pullin)
Our Standards: The Thomson Reuters Trust Principles.