July 24, 2019 / 3:39 AM / 3 months ago

METALS-Base metals rise on progress in U.S.-China trade talks

 (Adds Shanghai closing prices, updates London prices)
    By Mai Nguyen
    SINGAPORE, July 24 (Reuters) - Most London industrial metals
prices advanced on Wednesday amid reports of progress in trade
negotiations between the United States and top metals consumer
China.
    White House economic adviser Larry Kudlow said on Tuesday it
was a good sign that top U.S. officials would be travelling to
China to discuss reviving stalled trade talks, and said he
expected Beijing to start buying U.S. agriculture products soon.

    The trade war between the world's two biggest economies has
weighed on global economic growth and dimmed the demand outlook
for industrial metals. A sign of progress in resolving the
dispute often supports base metal prices.
    Three-month copper on the London Metal Exchange (LME)
 rose as much as 0.7% to $6,007 a tonne and stood at
$6,006, as of 0805 GMT. Aluminium was up 0.6% and nickel
 added 1%, while zinc gained 0.7% and lead
 rose 1.5%.
    "The trade talks nowadays are becoming more of a long
grinding battle," said Jeff Ng, Continuum Economics' chief
economist for Asia. "The focus is slightly shifting away from
all the trade rhetoric. Going forward, China's (economic growth)
slowdown will likely play a bigger part," he added. 

     FUNDAMENTALS
    * SHANGHAI PRICES: The most-traded copper contract on the
Shanghai Futures Exchange ended down 0.5% on 47,090
yuan ($6,844.87) a tonne, while aluminium edged down
0.1%, nickel fell 0.8%, and zinc rose 0.4%.
    * TIN: Tin was the laggard in London, slipping as
much a 1% to a fresh three-year low of $17,500 a tonne, and is
down 9.3% so far this year, making it the worst performer among
LME base metals. Shanghai tin tumbled to a three-week
low of 130,760 yuan a tonne in early trade before closing down
0.9% on 133,730 yuan
    * CHINA RATES: China's central bank governor Yi Gang said
the country's current interest rate level is appropriate, the
financial magazine Caixin reported on Tuesday.
    * NORSK HYDRO: Aluminium producer Norsk Hydro has
managed to ramp up operations at its Alunorte refinery in Brazil
despite a cyber attack in March, the firm said on Tuesday,
boosting its shares.
    * For the top stories in metals and other news, click       
 or     
        
    PRICES
 BASE METALS PRICES                       0807 GMT
 Three month LME copper                       6006
 Most active ShFE copper                     47080
 Three month LME aluminium                  1826.5
 Most active ShFE aluminium                  13785
 Three month LME zinc                         2455
 Most active ShFE zinc                       19350
 Three month LME lead                       2061.5
 Most active ShFE lead                       16635
 Three month LME nickel                      14315
 Most active ShFE nickel                    112320
 Three month LME tin                         17665
 Most active ShFE tin                       133690
 
($1 = 6.8796 Chinese yuan)

 (Reporting by Mai Nguyen; additional reporting by Tom Daly in
BEIJING; editing by Sherry Jacob-Phillips, Gopakumar Warrier &
Uttaresh.V)
  
 
 
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