METALS-Copper rebounds on revived U.S.-China trade optimism - EntornoInteligente /

(Adds details, updates prices) By Mai Nguyen SINGAPORE, Nov 15 (Reuters) – Copper prices in London snapped a five-session losing streak on Friday as comments from a senior U.S. official that Washington and Beijing are getting close to an interim trade pact lifted hopes of demand for the metal, used as a gauge of economic health. The United States and China are getting close to a trade agreement and talks are “very constructive”, White House economic adviser Larry Kudlow said, while Beijing said they are holding “in-depth” discussions with Washington. Three-month copper on the London Metal Exchange (LME) was up 0.3% at $5,832 a tonne, as of 0756 GMT. The contract is set for a weekly drop after losing a combined 2.7% in the previous five sessions. “Despite the prospects of a ‘phase one’ deal being closer, we believe that structural differences on a number of issues between the United States and China will hamper any further progress in resolving the bilateral trade dispute until at least after the U.S. Presidential elections in November 2020,” said Fitch Solutions in a note. “Consequently, sentiment for base metals will remain weak in the coming weeks and into 2020, particularly for copper and aluminium where the fundamental picture continues to disappoint,” they added. FUNDAMENTALS * COPPER STOCKS: Copper stocks on LME-approved warehouses fell to a five-month low, while inventories in warehouses tracked by the Shanghai Futures Exchange (ShFE) fell to a one-month low of 135,513 tonnes. MCUSTX-TOTAL CU-STX-SGH * LME PRICES: Aluminium edged up 0.1% to $1,742 a tonne, zinc fell 0.4% to $2,387.50 a tonne, lead declined 0.2% to $2,013 a tonne and nickel dropped 1.1% to $14,985 a tonne. * SHFE PRICES: ShFE’s most-traded copper contract dipped 0.1% to 46,930 yuan ($6,709.94) a tonne, tracking losses overnight in London, nickel dropped 2.4% to 118,470 yuan a tonne, while lead rose 0.4% to 15,810 yuan a tonne and tin edged up 0.2% to 134,490 yuan a tonne. * INDONESIA NICKEL: Indonesia exported 8.85 million tonnes of nickel ore and nickel products in October, up 0.7% from a month earlier, while Jan-Oct exports fell 4% on-year to 73.2 million tonnes, official data showed. * NICKEL STOCKS: Nickel inventories in warehouses tracked by ShFE SNI-TOTAL-W rose 18% in a week to their highest since May 2018 at 36,277 tonnes, while LME nickel stocks MNISTX-TOTAL have been hovering around an 11-year low. * LEAD: ShFE lead stocks PB-STX-SGH jumped 33% in a week to 38,384 tonnes, their highest since Aug. 2, while the discount of LME lead cash to the three-month contract CMPB0-3 expanded to $8 a tonne, a level unseen since Sept. 24. * For the top stories in metals and other news, click or 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 = 6.9941 Chinese yuan) (Reporting by Mai Nguyen; Editing by Shailesh Kuber and Sherry Jacob-Phillips)


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