May 22, 2018 / 7:25 AM / 2 years ago

REFILE-METALS-Copper up for 2nd day as U.S.-China trade tensions ease

(Corrects time in first bullet point to 0712 GMT)

By Naveen Thukral

SINGAPORE, May 22 (Reuters) - London copper rose for a second session on Tuesday and the market in Shanghai hit a one-week high, with prices underpinned as the chance of a U.S.-China trade war appeared to fade.

Shanghai lead futures jumped 3.6 percent to their highest since October, tracking last session’s gains on the London Metal Exchange.


* COPPER: Three-month copper on the LME had risen 0.2 percent to $6,893.50 a tonne by 0712 GMT. The most-traded contract on the Shanghai Futures Exchange gained 0.4 percent to 51,480 yuan ($8,073.39) a tonne, after climbing earlier in the session to its highest since May 14 at 51,660 yuan a tonne.

* BACK FROM THE BRINK: Washington and Beijing both claimed victory on Monday as the world’s two largest economies stepped back from the brink of a global trade war and agreed to hold further talks to boost U.S. exports to China.

* CHINA ECONOMY: China’s economy will likely expand by around 6.7 percent in the second quarter this year, the State Information Center said on Saturday.

* LEAD: Shanghai lead futures jumped as much as 3.6 percent to their highest since October at 20,465 yuan a tonne, buoyed by China’s crackdown on recycling.

* CRACKDOWN: “Authorities are clamping down on recycling plants in China, which are the source of nearly 60 percent of lead,” ANZ said in a note.

“The closures come amid a widening import arbitrage into China and falling inventories on both the LME and ShFE. Falling inventories have also been supporting the rest of the complex, including copper, zinc and aluminium,” it said.

* ALUMINIUM OUTPUT: Global primary aluminium output fell to 5.256 million tonnes in April from a revised 5.372 million tonnes in March, data showed.


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 = 6.3765 Chinese yuan renminbi)

Reporting by Naveen Thukral Editing by Joseph Radford

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