March 18, 2020 / 2:34 AM / 11 days ago

METALS-LME metals rise from 2016 lows on U.S. stimulus hopes, production cuts

    BEIJING, March 18 (Reuters) - Most industrial metals rose on
the London Metal Exchange (LME) on Wednesday, bouncing back from
heavy losses in the previous session on hopes of a U.S. stimulus
package and as miners reduced operations in response to the
coronavirus outbreak.
    Three-month LME copper rose as much as 0.9% to $5,191 a
tonne, while nickel, zinc, lead and tin all added more than 2%
in early Asian trade, with only aluminium in the red, losing
     All LME base metals had hit their lowest since 2016 in the
previous session in a broad virus-related sell-off. 
    * COPPER: Three-month LME copper was up 0.5% on
$5,171.50 a tonne as of 0205 GMT, after touching a 40-month low
of $5,127 on Tuesday. Copper was last below $5,000 a tonne in
November 2016. 
    * SHFE: The front-month copper contract on the Shanghai
Futures Exchange fell as much as 2.5% to 41,320 yuan 
($5,893.60) a tonne, its lowest since November 2016.
    * LME RING: The LME plans to suspend open-outcry trading
next week and shift all business to its electronic system for
the first time after Britain imposed severe restrictions on
social life to fight coronavirus.
    * TRUMP: The Trump administration said on Tuesday it was
pursuing a $1 trillion stimulus package that could deliver
$1,000 checks to Americans within two weeks to buttress the
economy as the number of deaths from coronavirus nationwide
crossed 100.
    * PERU: Miners including Anglo American shuttered or
wound down operations in Peru on Tuesday and were girding for
extended supply chain disruptions in neighbouring Chile, the
world's top copper producer, as governments tightened
restrictions to try to slow the spread of the virus.

    * CANADA: Brazilian miner Vale SA is reducing
activity and output at its Voisey's Bay copper mine in Canada as
a precaution to protect nearby indigenous communities from
    * For the top stories in metals and other news, click       
    * U.S. stock futures stepped back in choppy early Asian
trade as concerns about the widening coronavirus epidemic
weighed against hopes policy support would combat its economic
1000   EU   HICP Final MM, YY      Feb
1230   US   Housing Starts Number  Feb
 BASE METALS PRICES                    0202 GMT
 Three month LME copper                    5174
 Three month LME aluminium                 1645
 Three month LME zinc                      1907
 Three month LME lead                      1651
 Three month LME nickel                   12055
 Three month LME tin                      14550
($1 = 7.0110 Chinese yuan renminbi)

 (Reporting by Tom Daly; Editing by Anil D'Silva)
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