December 13, 2018 / 5:30 AM / a year ago

METALS-London copper hits 1-week high on signs of trade row easing

 (Adds Shanghai closing prices, updates London prices)
    BEIJING, Dec 13 (Reuters) - London copper prices rose to
their highest in more than a week on Thursday amid signs China
is keeping promises made to the United States as part of a deal
to resolve a trade row between the world's top two economies.
    Chinese companies have made their first major purchases of
U.S. soybeans — a commodity at the heart of the trade spat — in
more than six months, Reuters reported on Wednesday, while
Beijing also appeared to have toned down a high-tech industrial
push that has long irked Washington.
    Copper is down 14.5 percent year-to-date in London on fears
the trade tensions will hurt demand for industrial metals.
    "Signs of positive progression in trade talks between the
U.S. and China should see sentiment in the commodity market
remain positive," ANZ wrote in a note.
        
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange climbed as much as 1 percent to $6,198.50 a
tonne, the highest since Dec. 5, and stood at $6,193 a tonne as
of 0705 GMT.
    * SHFE COPPER: The most-traded February copper contract on
the Shanghai Futures Exchange shrugged off an early dip
to close up 0.2 percent at 49,340 yuan ($7,185.19) a tonne for a
second successive daily gain.
    * OPEN INTEREST: Market open interest in ShFE copper, an
indicator of contract liquidity, fell to 483,788 lots on
Wednesday, the lowest since February 2017, on end-of-year short
covering.
    * TRADE: China appears to be easing its high-tech industrial
development push, dubbed "Made in China 2025," amid talks
between the two countries to reduce trade tensions, according to
new guidance to local governments.
    * CHILE: BHP said on Wednesday a deal to
sell its Cerro Colorado copper mine in Chile to private equity
fund EMR Capital had been called off because of problems with
financing.
    * OTHER METALS: London base metals rose across the board on
easing trade tensions, with zinc adding 0.9 percent and
nickel climbing 0.8 percent. 
    * NICKEL: Greece is trying to avert the possible closure of
Europe's biggest nickel producer Larco and is looking at ways to
ensure there are no interruptions to its electricity supply, the
country's energy ministry said on Wednesday.
    * For the top stories in metals and other news, click
 or
    
    MARKETS NEWS
    * Asian equity markets rallied on Thursday on signs of
easing Sino-U.S. trade tensions and expectations that China will
step up efforts soon to support its cooling economy.
    
    PRICES    
 BASE METALS PRICES                        0716 GMT
 Three month LME copper                        6194
 Most active ShFE copper                      49340
 Three month LME aluminium                   1943.5
 Most active ShFE aluminium                   13665
 Three month LME zinc                          2591
 Most active ShFE zinc                        20975
 Three month LME lead                        1978.5
 Most active ShFE lead                        18495
 Three month LME nickel                       10885
 Most active ShFE nickel                      89450
 Three month LME tin                          19375
 Most active ShFE tin                        146480
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3      56.38
 LME/SHFE ALUMINIUM           LMESHFALc3    -1758.2
 LME/SHFE ZINC                LMESHFZNc3     -57.76
 LME/SHFE LEAD                LMESHFPBc3    1516.37
 LME/SHFE NICKEL              LMESHFNIc3    1698.04
 ($1 = 6.8669 Chinese yuan)

    
 (Reporting by Tom Daly; Editing by Sunil Nair, Sai Sachin
Ravikumar and Rashmi Aich)
  
 
 
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