September 21, 2018 / 2:42 AM / a month ago

METALS-Copper heads for best week in a month as trade fears ease

MELBOURNE, Sept 21 (Reuters) - London copper rose on Friday and was on track to post its biggest weekly advance in four weeks as investors viewed that trade tariffs would have a softer impact to global growth than earlier feared.

FUNDAMENTALS

* COPPER: London Metal Exchange copper rose 1 percent to $6,140 a tonne by 0217 GMT, up nearly 3 percent this week and close to its highest in more than one month. Shanghai Futures Exchange copper edged up 0.1 percent to 49,510 yuan ($7,235) a tonne. The Shanghai Futures Exchange will be closed on Monday for the mid-autumn festival.

* COPPER OPTIONS: Swiss trading house Trafigura was among the first to trade Shanghai Futures Exchange (ShFE) copper options at their debut on Friday, according to a source, as the Chinese commodity exchange aims to challenge its New York and London rivals.

* ZINC PREMIUMS: Premiums for zinc have surged to $345 a tonne, the highest in at least six years amid a squeeze on supply in China. ZN-BMPBW-SHMET

* DOLLAR: The dollar struggled near two-month lows, while the yen also sagged on Friday on reduced safe haven demand amid a switch in investors’ view that the Sino-U.S. trade conflict would be less damaging to global growth than initially feared.

* TRADE: Still, global economic growth has peaked in the face of rising trade frictions and emerging market turbulence, the OECD said on Thursday, as it trimmed its earlier outlook.

* BHP: Global miner BHP Billiton Ltd said on Thursday that a fire at its Spence copper mine in Chile had forced it to partially shut down operations. Spence produced 198,600 tonnes of copper in 2017.

* ALUMINA: The Shanghai Futures Exchange (ShFE) aims to release a draft of an alumina futures contract in late 2018 or early 2019, after requests from the market to create a price benchmark for the feedstock used to make aluminium, an official said on Thursday.

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MARKETS NEWS

* Asian stocks extended gains on Friday after Wall Street’s S&P 500 set a new all-time high, while the dollar slipped as investors viewed Beijing’s and Washington’s fresh exchange of import tariffs as less harmful than initially feared.

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 = 6.8431 Chinese yuan)

Reporting by Melanie Burton; Editing by Amrutha Gayathri

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