December 7, 2018 / 2:47 AM / 8 days ago

METALS-London copper bounces from 3-week low, firm China outlook for 2019

 (Updates prices)
    By Manolo Serapio Jr
    MANILA, Dec 7 (Reuters) - London copper climbed more than 1
percent on Friday as reports that the U.S. Federal Reserve could
pause from raising interest rates helped the metal recover from
its steepest slide in five weeks in the prior session.    
    Three-month copper on the London Metal Exchange         was
up 1.5 percent at $6,159 a tonne, as of 0715 GMT. The contract
dropped 1.7 percent on Thursday, hitting its weakest since Nov.
14 at one point, after the arrest of a top Chinese executive in
Canada dampened hopes for a resolution to the U.S.-China trade
conflict.
    The U.S.-China trade dispute remains the "largest downside
risk for the global and Chinese economic outlook," said CRU
analyst Chris Wu, who sees copper averaging around $6,470 in
2019, down from this year's average so far of about $6,574.
    While demand from top copper consumer China is weaker this
month, Wu said market sentiment for next year remains positive
as China heads into the 70th year since its founding.
    "Some market participants are expecting stimulus measures
from the government especially infrastructure projects," she
said.
    The most-traded February copper on the Shanghai Futures
Exchange          closed nearly flat at 49,180 yuan ($7,152) a
tonne.
    
    * FED PAUSE: The Wall Street Journal reported Fed officials
are considering whether to signal a new wait-and-see mentality
after a likely rate increase at their meeting in December.
            
    * HUAWEI: U.S. President Donald Trump did not know about
plans to arrest a top executive at Chinese telecoms giant Huawei
in Canada, two U.S. officials said, in an apparent attempt to
stop the incident from impeding crucial trade talks with
Beijing.             
    * CHILE DEAL: Chile's state copper miner Codelco reached
agreement on a new collective labor contract in early
negotiations with the union of workers at its Gabriela Mistral
mine in northern Chile.             
    * VEDANTA: An Indian court is expected on Friday to follow
an experts' panel recommendation and order the reopening of a
copper smelter closed after 13 people died when police fired on
environmental protesters in May.             
    * U.S. JOBS: U.S. Federal Reserve Chairman Jerome Powell
said the U.S. job market is very strong, a day ahead of the
release of non-farm payrolls, which economists said likely
increased by 200,000 in November after surging by 250,000 in
October.                          
    * OTHER METALS: LME aluminium         edged up 0.7 percent
to $1,949 a tonne and zinc         rose 1.5 percent to $2,633.
    In Shanghai, aluminium          eased 0.3 percent to 13,630
yuan per tonne and zinc          jumped 2 percent to 21,695
yuan.

    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 = 6.8767 Chinese yuan)

    
 (Reporting by Manolo Serapio Jr., Editing by Sherry
Jacob-Phillips and Sunil Nair)
  
 
 
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