July 27, 2018 / 4:40 AM / 3 months ago

METALS-Shanghai copper sees first weekly jump in seven as trade tensions ease

 (Adds Shanghai closing prices, updates London prices)
    BEIJING, July 27 (Reuters) - Shanghai Futures Exchange
copper prices moved higher on Friday, as trade tensions between
the United States and the European Union eased, although
lingering concerns over the Sino-U.S. trade dispute curbed
gains.
    After meeting European Commission chief Jean-Claude Juncker
on Wednesday, U.S. President Donald Trump said the two would
work toward eliminating trade barriers on industrial goods.

    Copper rose 3.5 percent in Shanghai this week, its first
weekly rise in seven after fears of a global trade war dragged
prices down. 
    London copper edged down on Friday, but was set for its
first weekly rise in seven, with wage negotations at Chile's
Escondida mine also supporting prices. {nL1N1UK20P] 
    Malcolm Freeman, CEO of Kingdom Futures, warned it was
premature to say metals markets had stabilised. 
    "There is still quite a large disconnect in the global
economy and until that settles and there is evidence of
realignment it's unlikely that it will be plain sailing for the
metals prices," he wrote in a note. 
    
    FUNDAMENTALS
    * COPPER: The most-traded September copper contract on the
ShFE closed up 0.2 percent at 50,090 yuan ($7,357.84) a
tonne, while three-month LME copper inched down 0.1
percent to $6,286 a tonne, as of 0756 GMT. 
    * CHINA: Profit growth for China's industrial firms eased in
June from the previous month, data showed on Friday, as factory
production slowed amid the worsening U.S. trade dispute and
Beijing's efforts to cut pollution and debt.
    * TARIFFS: As trade tensions escalate between Washington and
Beijing, the U.S. Senate quietly passed legislation on Thursday
that would lower trade barriers on hundreds of items made in
China.
    * ALUMINIUM: Shanghai aluminium closed up 0.5
percent for a gain of 2.3 percent this week, its biggest weekly
jump since April. London aluminium slipped 0.3 percent,
but is poised for its first weekly jump in eight after funds cut
bets on lower prices. 
    * ALERIS: India's Hindalco Industries Ltd said its
U.S. unit Novelis Inc has agreed to buy aluminium processor
Aleris Corp for $2.6 billion.  
    * PERU: Anglo American is going ahead with the $5
billion development of its Quellaveco project in Peru, one of
the world's largest untapped copper resources with the potential
to transform the company's business outlook.    
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks edged higher on Friday on signs of
rapprochement between the United States and Europe over trade
issues and the yuan staunched losses on buying by Chinese state
banks.    
        
    PRICES    
 BASE METALS PRICES                         0802 GMT
 Three month LME copper                         6286
 Most active ShFE copper                       50060
 Three month LME aluminium                    2064.5
 Most active ShFE aluminium                    14395
 Three month LME zinc                           2579
 Most active ShFE zinc                         21320
 Three month LME lead                           2161
 Most active ShFE lead                         18805
 Three month LME nickel                        13800
 Most active ShFE nickel                      112200
 Three month LME tin                           19875
 Most active ShFE tin                         146680
                                                    
 BASE METALS ARBITRAGE                              
 LME/SHFE COPPER               LMESHFCUc3     492.81
 LME/SHFE ALUMINIUM            LMESHFALc3   -1842.34
 LME/SHFE ZINC                 LMESHFZNc3     473.57
 LME/SHFE LEAD                 LMESHFPBc3     873.77
 LME/SHFE NICKEL               LMESHFNIc3    1574.98
 
    
 (Reporting by Tom Daly, Editing by Richard Pullin and Sherry
Jacob-Phillips)
  
 
 
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