August 21, 2019 / 5:15 AM / a month ago

METALS-London copper edges higher on softer dollar, eyes Fed minutes

 (Adds closing prices, Shanghai lead milestone and comment)
    BEIJING, Aug 21 (Reuters) - London copper prices moved
higher on Wednesday after a more than 1% drop in the previous
session, as the dollar fell from a three-week peak and investors
awaited the minutes of the Federal Reserve's July policy
meeting. 
    A weaker greenback makes dollar-denominated metals cheaper
for holders of other currencies and can support prices.
    Copper, considered a bellwether for economic health, is
lacking clear directional guidance on a macro level, meaning
that the "long and short sides are currently in a stalemate,"
Huatai Futures said in a note.
    China's refined copper production was slightly higher than
expected in July, while copper imports hit their highest since
the start of the year, "indicating that demand has improved,"
the brokerage added.
        
    FUNDAMENTALS
    * COPPER: Three-month copper on the London Metal Exchange
 rose 0.5% to $5,742 a tonne by 0723 GMT. The most-traded
October copper contract on the Shanghai Futures Exchange
 closed down 0.5% on 46,430 yuan ($6,577.79) a tonne.
    * COPPER: The global world refined copper market showed a
62,000 tonnes deficit in May, compared with a 124,000 tonnes
deficit in April, the International Copper Study Group said in
its latest monthly bulletin.
    * FED: Traders are also awaiting the central bank's annual
Jackson Hole seminar later this week and a Group of Seven summit
this weekend for clues on what additional steps policymakers
will take to boost economic growth.
    * VEDANTA: Zambian President Edgar Lungu will not meet the
chairman of Vedanta Resources to discuss the disputed
liquidation of its Konkola Copper Mines on his visit to India
this week, a statement from the Zambian State House said.

    * TRADE: President Donald Trump on Tuesday said he had to
confront China over trade even if it caused short-term harm to
the U.S. economy because Beijing had been cheating Washington
for decades.    
    * OTHER METALS: Shanghai lead was the top
performer, rising as much as 1.9% to 17,140 yuan a tonne, its
highest since March 15. The LME complex was broadly higher, with
zinc rising 1% to $2,247.50 a tonne after hitting its lowest
since October 2016 on Tuesday. 
    * LEAD: "The fundamentals are strengthening due to stronger
demand and declining production. Some smelters carried out
maintenance and some cut production due to environmental
inspections," said Dina Yu, an analyst at CRU. 
    * COLUMN: Tiny tin market sounds a recessionary warning
note: Andy Home  
            
    MARKETS NEWS    
    * Asian shares flatlined as worries about global recession
and endless trade wars wrestled with hopes for more monetary and
fiscal stimulus to keep growth going.    

    PRICES
 BASE METALS PRICES                       0731 GMT
 Three month LME copper                     5740.5
 Most active ShFE copper                     46420
 Three month LME aluminium                    1788
 Most active ShFE aluminium                  14330
 Three month LME zinc                         2246
 Most active ShFE zinc                       18470
 Three month LME lead                         2068
 Most active ShFE lead                       17105
 Three month LME nickel                      15965
 Most active ShFE nickel                    123850
 Three month LME tin                         16445
 Most active ShFE tin                       131620
 ($1 = 7.0586 Chinese yuan renminbi)

 (Reporting by Tom Daly; additional reporting by Mai Nguyen in
SINGAPORE; editing by Richard Pullin and Sriraj Kalluvila)
  
 
 
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