May 21, 2018 / 5:18 AM / 2 years ago

METALS-Copper nudges higher as China-U.S. trade war concerns ease

 (Updates prices)
    By Melanie Burton
    MELBOURNE, May 21 (Reuters) - Copper edged higher on Monday
after China and the United States put their trade row "on hold",
easing concerns that the dispute could escalate, although
headwinds from a stronger dollar capped further gains.     
    "It appears that America and China have moved towards a
trade deal, which will mean the expansion of U.S. goods
purchased by China, and thus, avoiding the prospect of an
out-and-out trade war," said Kingdom Futures in a report. 
    The "risk on" sentiment spurred gains in Hong Kong shares
and also metals, with the exception of aluminium, which was
pressured by more than 100,000 tonnes of inflow last week, and
nickel, which has not been able to beat technical resistance at
15,000 a tonne, it said. 
    * COPPER: Three-month copper on the London Metal Exchange
 was up 0.1 percent at $6,860 a tonne by 0727 GMT,
reversing small losses from the previous session. Prices have
been caught in a tight $6,765-$6,900 range for the past week.
    * Shanghai Futures Exchange copper also edged up by
0.3 percent to 51,370 yuan ($8,037) a tonne.
    * TRADE: The U.S. trade war with China is "on hold" after
the world's largest economies agreed to drop their tariff
threats while they work on a wider trade agreement, U.S.
Treasury Secretary Steven Mnuchin said on Sunday.
    * DOLLAR: The dollar edged up against the yen on Monday,
after Mnuchin's comments, boosting risk sentiment amid hopes for
an easing of trade tensions between the world's two biggest
    * JAPAN ECONOMY: Japan's exports accelerated in April on
increased shipments of cars and machines used to make
semiconductors, suggesting healthy overseas demand could help
the economy recover quickly from a dip in the first quarter.

    * CHINA ECONOMY: China's economy will likely expand around
6.7 percent in the second quarter this year, the State
Information Center (SIC) said in an article in the state-owned
China Securities Journal on Saturday.
    * COPPER: Vedanta Resources Plc's shutdown of its
South Indian copper smelter, one of India's biggest, is causing
a copper deficit and increased prices in India, its subsidiary
Vedanta Ltd said on Friday. 
    * RUSAL: UC Rusal has not yet received any formal notice
that sanctions target Oleg Deripaska has resigned from his board
position at major Rusal shareholder EN+, the aluminium maker
said on Monday.
    * For the top stories in metals and other news, click       
    *  U.S. stock futures jumped on Monday as U.S. Treasury
Secretary Steven Mnuchin said the U.S. trade war with China is
"on hold" after the world's two largest economic powers agreed
to drop their tariff threats while they work on a wider trade
 BASE METALS PRICES                0726 gmt           
 Three month LME copper                           6861
 Most active ShFE copper                         51370
 Three month LME aluminium                        2261
 Most active ShFE aluminium                      14765
 Three month LME zinc                             3101
 Most active ShFE zinc                           23955
 Three month LME lead                             2359
 Most active ShFE lead                           19810
 Three month LME nickel                          14630
 Most active ShFE nickel                        108880
 Three month LME tin                             20770
 Most active ShFE tin                           146140
 BASE METALS ARBITRAGE                                
 LME/SHFE COPPER              LMESHFCUc3        277.97
 LME/SHFE ALUMINIUM           LMESHFALc3      -2049.15
 LME/SHFE ZINC                LMESHFZNc3        434.09
 LME/SHFE LEAD                LMESHFPBc3        620.97
 LME/SHFE NICKEL              LMESHFNIc3      -1956.92
    ($1 = 6.3916 Chinese yuan)

 (Reporting by Melanie Burton; Editing by Richard Pullin and
Sherry Jacob-Phillips)
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