March 29, 2019 / 1:59 AM / 25 days ago

METALS-Most base metals rise on trade talk optimism

SINGAPORE, March 29 (Reuters) - Most base metals rose on Friday, with London copper heading for its first quarterly gain since the end of 2017, as hopes of progress in U.S.-China trade talks lent support.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange rose 0.4 percent to $6,385.5 a tonne by 0141 GMT, while the most active copper contract on the Shanghai Futures Exchange advanced 0.6 percent to 48,640 yuan ($7,226.48) a tonne.

* Aluminium rose 0.4 percent in London and 0.1 percent in Shanghai, while zinc and tin also edged up on both exchanges.

* U.S. Treasury Secretary Steven Mnuchin said on Friday he had a “productive working dinner” the previous night in Beijing, as he headed to a state guest house to begin a day of trade talks.

* State-owned Chilean miner Codelco, the world’s largest copper producer, expects output at its El Teniente mine to rise to more than 500,000 tonnes per year by 2025.

* Aluminum Corp of China Ltd,, known as Chalco, posted its first quarterly loss in more than three years on Thursday and said annual net profits fell last year due to low aluminium prices and slack domestic demand.

* Russian nickel and palladium producer Norilsk Nickel said it would invest up to 90 billion roubles ($1.4 billion) over four years in two major projects in Russia.

* China’s top copper smelters on Thursday lowered their floor treatment and refining charges (TC/RC) for the second quarter of 2019 by more than 20 percent, indicating a tighter copper concentrate market.

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MARKETS NEWS

* Asian shares posted narrow gains on revived hopes of progress in U.S.-China trade talks, while global bond yields moved higher after a prolonged slide on worries about the economic outlook.

* The dollar was poised on Friday for its strongest gain in three weeks as investors responded positively to a bounce in U.S. Treasury yields and as some of its rivals were hit by dovish signals from their own central banks.

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 = 6.7308 Chinese yuan)

Reporting by Mai Nguyen; Editing by Subhranshu Sahu

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