May 7 (Reuters) - Copper futures edged higher on Thursday ahead of the release of China’s trade data for April, although simmering trade tensions between Washington and Beijing pressured prices.
Three-month copper on the London Metal Exchange ticked up 0.1% at $5,205 a tonne by 0153 GMT, extending gains into a fourth session.
The most-traded June copper contract on the Shanghai Futures Exchange rose 0.3% to 42,690 yuan ($6,006.84) a tonne.
China’s exports and imports are expected to record double-digit declines in April after a tentative recovery in March as the coronavirus pandemic batters global demand and disrupts manufacturing supply chains, a Reuters poll showed.
China’s services firms wallowed in contraction in April as layoffs hit a record and export orders plunged after signs of improvement in March, a private survey showed.
Analysts have warned it could take months before the Chinese economy returns to normal and widely expect Beijing to roll out further stimulus, including a more proactive fiscal policy.
* TRADE WAR: U.S. President Donald Trump said on Wednesday he would be able to report in about a week or two whether China is fulfilling its obligations under a Phase 1 trade deal the two countries signed in January before the coronavirus spread globally.
* ALUMINIUM: A robust recovery in aluminium demand in China has boosted prices in the world’s top consumer and producer of the metal by more than 10% in a month, but traders say weak demand for Chinese exports could soon take the shine off the market.
* BARRICK: Barrick Gold Corp reported a nearly 55% rise in quarterly profit on Wednesday as gold prices surged, bolstering its ability to snap up mines including in copper, its chief executive said.
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0145 China Caixin Services PMI April
0600 Germany Industrial Output MM March
0600 UK BOE Bank Rate May
0600 UK GB BOE QE Corp May
0730 UK Halifax House Prices MM April
1230 US Initial Jobless Claims Weekly
1900 US Fed issues Consumer Credit for March
n/a China Exports, Imports YY April
n/a China Trade Balance April
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
($1 = 7.1069 yuan)
Reporting by Enrico dela Cruz in Manila; Editing by Aditya Soni