January 9, 2019 / 2:09 AM / 4 months ago

METALS-Base metals rise on China consumption boost, trade optimism

    BEIJING, Jan 9 (Reuters) - Most base metals rose in early
Asian trade on Wednesday, buoyed by a report that top metals
consumer China would try to boost spending on autos and home
appliances this year, as well as signs of progress in Sino-U.S.
trade talks. 
        
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange had risen 0.9 percent to $5,959.50 a tonne by
0138 GMT, after slipping 0.3 percent in the previous session.
The most-traded March copper contract on the Shanghai Futures
Exchange nudged up 0.7 percent to 47,670 yuan 
($6,973.58) a tonne. 
    * CHINA: China plans to introduce policies to boost domestic
spending on items such as autos and home appliances this year,
state television CCTV quoted a senior state planning official as
saying on Tuesday.
    * TRADE: The United States and China will continue trade
talks in Beijing for an unscheduled third day, U.S. officials
said on Tuesday, amid signs of progress on issues including
purchases of U.S. farm and energy commodities and increased
access to China's markets.    
    * COPPER: India's Supreme Court on Tuesday cleared the way
for Vedanta to reopen its south Indian copper smelter
by refusing to stay an order from the country's environmental
court.
    * OTHER METALS: Most other base metals also climbed,
although Shanghai aluminium edged down 0.1 percent.
Shanghai nickel and zinc both added more than
1 percent.    
    * ALUMINIUM: U.S. plans to remove sanctions on Russian
aluminium giant Rusal will be of limited benefit to
consumers in the United States where tariffs on aluminium
imports mean producers still need much higher prices to
incentivise shipments.
    * ALUMINIUM: Aluminium has the biggest speculative
net short position of the LME complex at 27 percent of open
interest as of last Friday, according to estimates by Marex
Spectron.
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian shares inched up on Wednesday, supported by optimism
the United States and China can strike a trade deal to avoid an
all-out confrontation that will severely disrupt the global
economy.    
        
    DATA AHEAD (GMT)
    0700     Germany     Exports MM SA Nov    
    0700         Germany        Imports MM SA Nov
    0700         Germany        Trade Balance EUR SA Nov
    0900         Germany    Consumer Price Index Dec
    1000         EU        Unemployment Rate Nov
    1200         U.S.        Mortgage Market Index Dec
    1200         U.S.        MBA Purchase Index Dec    
        
    PRICES        
 BASE METALS PRICES                       0146 GMT
 Three month LME copper                       5954
 Most active ShFE copper                     47610
 Three month LME aluminium                  1864.5
 Most active ShFE aluminium                  13420
 Three month LME zinc                       2499.5
 Most active ShFE zinc                       20775
 Three month LME lead                         1970
 Most active ShFE lead                       17570
 Three month LME nickel                      11265
 Most active ShFE nickel                     91750
 Three month LME tin                         19990
 Most active ShFE tin                       146170
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER             LMESHFCUc3     355.33
 LME/SHFE ALUMINIUM          LMESHFALc3   -1368.62
 LME/SHFE ZINC               LMESHFZNc3     202.43
 LME/SHFE LEAD               LMESHFPBc3    1101.02
 LME/SHFE NICKEL             LMESHFNIc3    1359.61
 ($1 = 6.8358 Chinese yuan renminbi)

    
 (Reporting by Tom Daly
Editing by Joseph Radford)
  
 
 
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