February 1, 2019 / 1:41 AM / 19 days ago

METALS-China's industrial metals rise on hopes of trade talk progress

BEIJING, Feb 1 (Reuters) - China’s industrial metals mostly went up on Friday ahead of the week-long national holiday, as expectations of progress in high-level trade talks between China and the United States shored up market sentiment.

Meanwhile, the Federal Reserve’s more dovish stance also helped to boost investor risk appetite.

FUNDAMENTALS

* The most-traded zinc contract for March delivery on the Shanghai Futures Exchange surged as much as 2.5 percent to their highest in 9 months during early trade. It rose 1.6 percent to 22,265 yuan ($3,325.22) a tonne as of 0130 GMT.

* TRADE TALKS: U.S. President Donald Trump said on Thursday he will meet with Chinese President Xi Jinping soon to try to seal a comprehensive trade deal as Trump and his top trade negotiator both cited substantial progress in two days of high-level talks.

* USD: The dollar fell to two-week lows against the yen on Thursday, pressured by the Federal Reserve’s cautious outlook on the U.S. economy, which suggested that the central bank is near the end of its tightening cycle.

* COPPER: World top copper miner Codelco said on Thursday it had struck a contract deal with the union of supervisors at its Gabriela Mistral mine in northern Chile, averting the threat of a strike.

* ALUMINIUM: Aluminium Corp of China 601600.SS,2600.HK known as Chalco, said late on Wednesday it had stopped production at an aluminium smelting plant in eastern China’s Shandong province, citing high electricity costs.

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

MARKETS NEWS

* Asian shares ticked up to four-month highs on Friday on hopes the leaders from the United States and China could strike a trade deal and as the Federal Reserve appeared to have all but abandoned a plan to raise borrowing rates further.

DATA/EVENTS

0855 Germany Markit/BME Mfg PMI Jan

0900 EU Markit Mfg Final PMI Jan

0930 Britain Markit/CIPS Mfg PMI Jan

1000 EU HICP Flash Jan

1100 Brazil Industrial Output Dec

1330 US Non-Farm Payrolls Jan

1330 US Unemployment Rate Jan

1330 US Average Earnings Jan

1500 US ISM Manufacturing PMI Jan

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 = 6.6958 Chinese yuan renminbi) (Reporting by Muyu Xu and Dominique Patton; Editing by Rashmi Aich)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below