May 22, 2018 / 1:48 AM / 5 months ago

METALS-Copper up for 2nd day as U.S.-China trade tensions ease

SINGAPORE, May 22 (Reuters) - London copper rose for a second session on Tuesday and the market in Shanghai hit a one-week high, with prices underpinned as the chance of a U.S.-China trade war appeared to fade.

Shanghai lead futures jumped 3.6 percent to their highest since October, tracking last session’s gains on the London Metal Exchange.

FUNDAMENTALS

* COPPER: Three-month copper on the LME had risen 0.1 percent to $6,889 a tonne by 0133 GMT. The most-traded contract on the Shanghai Futures Exchange gained 0.3 percent to 51,460 yuan ($8,074.06) a tonne.

* BACK FROM THE BRINK: Washington and Beijing both claimed victory on Monday as the world’s two largest economies stepped back from the brink of a global trade war and agreed to hold further talks to boost U.S. exports to China.

* CHINA ECONOMY: China’s economy will likely expand by around 6.7 percent in the second quarter this year, the State Information Center said on Saturday.

* LEAD: Shanghai lead futures jumped as much as 3.6 percent to their highest since October at 20,465 yuan a tonne, tracking gains in LME.

* ALUMINIUM OUTPUT: Global primary aluminium output fell to 5.256 million tonnes in April from a revised 5.372 million tonnes in March, data showed.

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MARKETS NEWS

* Global stock markets rallied broadly on Monday after the United States and China agreed to halt a trade war, while oil hit multi-year highs on political uncertainty and potential sanctions on Venezuela.

DATA AHEAD (GMT) 1400 U.S. Richmond Fed composite index May

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 = 6.3735 Chinese yuan renminbi)

Reporting by Naveen Thukral Editing by Joseph Radford

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