August 21, 2018 / 3:57 AM / in 2 years

METALS-London copper above $6,000/T; up 2nd day as base metals rally

 (Adds analyst comment, updates prices)
    BEIJING, Aug 21 (Reuters) - Base metals prices rose on
Tuesday, with London copper climbing for a second day and
crossing the $6,000-a-tonne mark as the dollar slipped, while
the market awaited U.S.-China trade talks in Washington.
    Copper prices on the London Metal Exchange have fallen by 18
percent from a four-year high touched on June 7 amid concerns a
trade row between the United States and China, which have
slapped billions of dollars in tariffs on each other's goods,
will hit demand for industrial metals.
    But Jefferies analyst Timothy Ward wrote in a note that the
"pendulum may have swung too far too fast."
    "Sentiment and positioning have shifted so strongly from
these macro forces that the underlying copper story may have
been thrown out with the bath water," he said, adding that the
last time speculative positioning had so many shorts and so few
longs, copper rallied 19 percent over the next three months.    
    * LME COPPER: Three-month copper on the LME rose as
much as 0.9 percent to a one-week high of $6,046.50 a tonne and
was trading up 0.7 percent at $6,037 a tonne by 0705 GMT.
    * SHFE COPPER: The most-traded October copper contract on
the Shanghai Futures Exchange closed up 1.3 percent to
48,700 yuan ($7,084.67) a tonne after hitting its highest since
Aug. 15.
    * USD: The dollar index against a basket of six other
currencies fell 0.3 percent to 95.583 after touching 95.440, its
lowest level since Aug. 9. A weaker greenback makes metals
cheaper for holders of other currencies and can support prices.
    * VEDANTA: India's environment court said on Monday an
independent judicial committee would decide in about six weeks
whether to allow Vedanta Ltd to reopen its copper
smelter, which was shut by the southern state of Tamil Nadu on
environmental grounds.
    * OTHER METALS: Zinc was the star performer, closing up 3.1
percent in Shanghai after breaking through its 7-day
moving average, and added 2.2 percent in London.
Shanghai aluminium jumped 2 percent and nickel
rose 1.2 percent, while tin was the sole laggard,
losing 0.3 percent.
    * For the top stories in metals and other news, click       
    * Asian stocks rose on Tuesday, supported by hopes Beijing
and Washington would dial back trade hostilities, though
comments from the U.S. president about the yuan and Federal
Reserve policy capped gains and weighed on the dollar.
 BASE METALS PRICES                        0721 GMT
 Three month LME copper                        6030
 Most active ShFE copper                      48700
 Three month LME aluminium                   2067.5
 Most active ShFE aluminium                   14700
 Three month LME zinc                          2427
 Most active ShFE zinc                        20580
 Three month LME lead                        1998.5
 Most active ShFE lead                        17545
 Three month LME nickel                       13745
 Most active ShFE nickel                     112830
 Three month LME tin                          18780
 Most active ShFE tin                        142870
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     781.23
 LME/SHFE ALUMINIUM           LMESHFALc3   -1649.14
 LME/SHFE ZINC                LMESHFZNc3     770.03
 LME/SHFE LEAD                LMESHFPBc3     920.35
 LME/SHFE NICKEL              LMESHFNIc3    2449.01
 ($1 = 6.8740 Chinese yuan)

 (Reporting by Tom Daly; editing by Richard Pullin and Sunil
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