May 3, 2018 / 2:08 AM / in 20 days

METALS-Shanghai copper, aluminium rise as U.S.-China trade talks begin

    BEIJING, May 3 (Reuters) - Shanghai metals made a mixed
start to trading on Thursday, although the key copper and
aluminium contracts rose, as the market weighed the likely
outcome of trade talks between the United States and China
getting under way in Beijing.
    The world's top two economies have imposed import tariffs on
each other's goods, including on aluminium products, and
threatened more action in a trade dispute that has roiled
markets.
        
    FUNDAMENTALS
    * SHFE COPPER: The most-traded June copper contract on the
Shanghai Futures Exchange edged up 0.1 percent to
51,030 yuan ($8,018.54) a tonne by 0131 GMT, having ended down
on the previous three trading days.
    * LME COPPER: Three-month copper on the London Metal
Exchange was down 0.1 percent to $6,810.50 a tonne,
having closed up 1.1 percent in the previous session, as a firm
dollar weighed on prices.     
    * ALUMINIUM: London aluminium was down 0.4 percent
to $2,312 a tonne, after closing up 2.7 percent on Wednesday.
On-warrant or available LME aluminium stocks have fallen to
880,350 tonnes, close to the their lowest number since 2007.
Shanghai aluminium rose 0.7 percent on Thursday.       
    * TRADE: The most likely outcome for tense U.S.-China trade
talks starting on Thursday is an agreement to keep talking, with
U.S. President Donald Trump maintaining his threat to press
ahead with punitive tariffs on Chinese goods, trade experts say.

    * TARIFFS: Brazil on Wednesday contradicted a U.S.
announcement that the two countries had reached a deal on a
permanent exemption from steel and aluminium import tariffs,
saying the Trump administration had unilaterally cut off talks.
 
    * RUSAL: The chairman of En+ Group said on
Wednesday he was working on implementing a plan that En+ hopes
will lead to the United States lifting sanctions on the company,
the biggest shareholder in aluminium giant Rusal.

    * RUSAL: The London Stock Exchange said on Wednesday it
would no longer suspend trading in En+ GDRs later in the day,
following a decision by the U.S. Treasury Department giving U.S.
investors more time to divest from the sanctioned company.

    * COLUMN: A semblance of normality has returned to the
aluminium market after three weeks of turmoil caused by the
imposition of U.S. sanctions on Russian oligarch Oleg Deripaska
and his Rusal empire.  
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares were subdued on Thursday ahead of
anxiously-awaited Sino-U.S. trade talks, while the U.S. dollar
consolidated recent bumper gains after the Federal Reserve
reaffirmed the outlook for more rate hikes this year.
    
        
    DATA AHEAD (GMT)
    0900  Euro zone    producer prices Mar
    1230  U.S.     International trade Mar
    1230  U.S.     Weekly jobless claims
    1400  U.S.     Factory orders Mar
    1400  U.S.     ISM non-manufacturing PMI Apr
        
    PRICES     
 BASE METALS PRICES                          0131 GMT
 Three month LME copper                        6810.5
 Most active ShFE copper                        51030
 Three month LME aluminium                       2312
 Most active ShFE aluminium                     14530
 Three month LME zinc                            3075
 Most active ShFE zinc                          23755
 Three month LME lead                          2280.5
 Most active ShFE lead                          18415
 Three month LME nickel                         13950
 Most active ShFE nickel                       104910
 Three month LME tin                                0
 Most active ShFE tin                          147070
                                                     
 BASE METALS ARBITRAGE                               
 LME/SHFE COPPER              LMESHFCUc3       633.43
 LME/SHFE ALUMINIUM           LMESHFALc3     -2361.13
 LME/SHFE ZINC                LMESHFZNc3       354.49
 LME/SHFE LEAD                LMESHFPBc3        540.6
 LME/SHFE NICKEL              LMESHFNIc3      -332.51
 
 ($1 = 6.3640 Chinese yuan)

    
 (Reporting by Tom Daly; Editing by Gopakumar Warrier)
  
 
 
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