May 8, 2018 / 7:29 AM / 2 years ago

METALS-Copper up for fourth session, zinc rises on China growth hopes

(Adds quote, updates prices)

By Naveen Thukral

SINGAPORE, May 8 (Reuters) - London copper rose for a fourth session on Tuesday, while zinc climbed 1.5 percent on expectations that Chinese data, due in the coming weeks, will show that economy in the world’s top metals consumer remained strong in April.

FUNDAMENTALS

* COPPER: Three-month copper on the London Metal Exchange was up 0.3 percent at $6,847.5 a tonne by 0709 GMT, while the most-traded copper contract on the Shanghai Futures Exchange rose 0.2 percent to 51,220 yuan ($8,050.67) a tonne.

* ZINC: London zinc climbed for a second session, gaining 1.2 percent to $3,091 a tonne, and prices in Shanghai rose 1.3 percent to 23,880 yuan a tonne.

* “China’s overall exports are quite strong, even copper product exports have been pretty strong,” said Helen Lau, analyst, Argonaut Securities.

* “This definitely points to solid fundamentals. Even if there is no final conclusion in trade talks between the United States and China, but talks are ongoing which is positive.”

* TRADE TALKS: China’s top economic official will visit Washington next week to resume trade talks with the Trump administration, the White House said on Monday, after discussions in Beijing last week failed to produce agreement on a long list of U.S. trade demands.

* CHINA: Growth in China’s service sector picked up in April as new business and employment grew at a faster rate, a private survey showed on Friday, signalling a solid rise in a sector that Beijing is counting on to maintain economic growth.

* ECONOMIC DATA: A flurry of Chinese data in coming weeks is expected to show the world’s second-largest economy remained strong in April, underpinned by a pick-up in industrial output and a rebound in exports despite rising trade tensions with the United States.

* INTERNATIONALISATION: China plans to open more of its futures contracts to foreign investors, its securities regulator said on Friday, as Beijing launched its “internationalised” iron ore contract in a bid to boost its sway over pricing for one of its top imports.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Oil prices eased slightly on Tuesday, a day after hitting 3-1/2-year highs, as investors braced for U.S. President Donald Trump’s decision on whether to withdraw the United States from the Iran nuclear deal, a move that could disrupt global oil supply.

* European shares are seen steady to slightly firmer after Asian shares picked up, helped by technology stocks as generally upbeat earnings overcame weakness in the global smartphone market and concerns about more regulation.

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 = 6.3622 Chinese yuan)

Reporting by Naveen Thukral, Editing by Joseph Radford and Sherry Jacob-Phillips

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