May 21, 2019 / 2:54 AM / a month ago

METALS-London copper climbs as U.S. eases Huawei restrictions

    BEIJING, May 21 (Reuters) - London copper prices rose in
early Asian trade on Tuesday after the United States temporarily
eased some trade restrictions on Chinese telecoms giant Huawei. 
    On Thursday, the U.S. government had added Huawei and 68
entities to an export blacklist that makes it nearly impossible
for the Chinese company to purchase goods made in the United
States, escalating Sino-U.S. trade tensions and weighing on
prices for industrial metals.
    * COPPER: Three-month copper on the London Metal Exchange
 was up 0.4 percent at $6,054 a tonne, as of 0233 GMT,
after closing down 0.4 percent in the previous session. The
most-traded July copper contract on the Shanghai Futures
Exchange was flat at 47,740 yuan ($6,915.03) a tonne.
    * COPPER: The global world refined copper market showed a
74,000 tonnes surplus in February, compared with a 33,000 tonnes
deficit in January, the International Copper Study Group (ICSG)
said in its latest monthly bulletin.
    * ALUMINIUM: Norwegian metals maker Norsk Hydro has
been given the go-ahead by a Brazilian federal court to resume
full output from the company's Alunorte alumina
    * HUAWEI: The U.S. Commerce Department will allow Huawei
Technologies Co Ltd          to purchase American-made goods in
order to maintain existing networks and provide software updates
to existing Huawei handsets.
    * LME: The London Metal Exchange (LME) has dismissed a
complaint from miner and commodity trader Glencore over its
inability to take fast delivery of aluminium from warehouses
owned by ISTIM UK in Port Klang, Malaysia, two sources familiar
with the matter said on Monday.
    * OTHER METALS: London nickel was the biggest
gainer, rising as much as 1% to $12,095 a tonne, while Shanghai
lead was the laggard, slumping 1.3%.
    * SCRAP: Malaysia's non-ferrous metals players are joining
forces to promote their scrap processing business as clean amid
growing environmental alarm over recycling, seeking to cling on
to a trade that has grown fast as China's import curbs divert
more scrap towards Southeast Asia.
    * COLUMN: Confusing signals cloud London nickel market: Andy
    * For the top stories in metals and other news, click       
    *  Asian shares wobbled near four-month lows on mounting
trade tensions.    
1400    US    Existing Home Sales      April
1400    EU    Consumer Confid. Flash   May        
 BASE METALS PRICES                        0234 GMT
 Three month LME copper                        6054
 Most active ShFE copper                      47730
 Three month LME aluminium                   1797.5
 Most active ShFE aluminium                   14235
 Three month LME zinc                        2585.5
 Most active ShFE zinc                        20670
 Three month LME lead                          1804
 Most active ShFE lead                        15910
 Three month LME nickel                       12095
 Most active ShFE nickel                      98290
 Three month LME tin                              0
 Most active ShFE tin                        145110
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     515.66
 LME/SHFE ALUMINIUM           LMESHFALc3     175.54
 LME/SHFE ZINC                LMESHFZNc3      96.59
 LME/SHFE LEAD                LMESHFPBc3    1392.22
 LME/SHFE NICKEL              LMESHFNIc3    1849.95
($1 = 6.9038 Chinese yuan)

 (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
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