October 3, 2019 / 6:12 AM / 2 months ago

METALS-LME metals scramble off recent lows in holiday-thinned trade

(Adds detail, updates prices)

MELBOURNE, Oct 3 (Reuters) - London copper and aluminium prices climbed off recent lows on Thursday, underpinned by a weaker dollar, as trading was thin due to China’s major Golden Week holiday.

FUNDAMENTALS

* COPPER: Three-month copper on the London Metal Exchange trimmed earlier gains to rise 0.4% to $5700.50 a tonne by 0541 GMT after closing the prior session little changed. Prices had slumped to $5588 a tonne on Tuesday, which was the weakest in almost a month, battered by a poor U.S. manufacturing sector report.

* ALUMINIUM: LME aluminium prices rose 0.4% to $1,711.50 a tonne, from $1,704.85 on Wednesday which was the weakest since early 2017.

* SHFE: The Shanghai Futures Exchange was closed on Thursday as part of its Golden Week Holidays and will reopen on Tuesday Oct. 8.

* TURNOVER: Volumes were low across the board with less than 1500 lots of turnover among the benchmark contracts.

* TRADE WAR: The United States on Wednesday said it would slap 10% tariffs on European-made Airbus planes and 25% duties on French wine, Scotch and Irish whiskies, and cheese from across the continent as punishment for illegal EU aircraft subsidies.

* US DOLLAR: The dollar eased on Thursday, sliding to fresh one-week lows against the euro and yen as investor anxiety deepened over fresh signs of slowing U.S. economic growth and a broadening of global trade friction.

* U.S. OUTLOOK: New York Federal Reserve Bank President John Williams said on Wednesday that while the U.S. economy looked to be in a “favorable place” when viewed through the rearview mirror, the outlook through the windshield ahead was “mixed.”

* TAILINGS: Brazilian miner Vale SA on Wednesday said it expects to finish paying for most of the expenses related to the disaster at one of its facilities that killed at least 250 people, by 2021.

* METALS FRAUD: Glencore warehouse unit Access World was mostly to blame for $32 million of losses from a complex metals fraud, but broker Marex Spectron will have pay most of the bill to French bank Natixis, a UK judge ruled on Wednesday.

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MARKETS NEWS

* Asian stocks skidded to a one-month low on Thursday after the United States opened a new front in its trade dispute with Europe by imposing tariffs, adding to already-growing market fears about global growth.

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 (Reporting by Melanie Burton; editing by Uttaresh.V)

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