Copper prices on the London Metal Exchange (LME) inched up on Friday, following news of progress to resolve the ongoing trade war between the United States and China.
U.S. and Chinese trade negotiators held a “very constructive” call on Wednesday and the United States is still planning for a round of in-person talks in September, said White House economic adviser Larry Kudlow.
LME three-month copper advanced 0.1% to $5,691 a tonne by 0127 GMT, but was still on track for a weekly fall. The most-traded copper contract on the Shanghai Futures Exchange (ShFE) fell 0.2% to 46,260 yuan ($6,531.22) a tonne.
* PRICES: LME aluminum, nickel and zinc advanced 0.1% each, and lead rose 0.5% while tin fell 0.5%. ShFE aluminum dipped 0.4%, zinc decreased 0.7% and nickel increased 0.2%.
* NICKEL: The premium of LME cash nickel over the three-month contract surged to $50 a tonne, its highest since April 2009, indicating nearby supply shortages.
* INDONESIA: Indonesia’s nickel miners association said on Thursday it will continue asking the government to stick to its 2022 timetable for a nickel ore export ban as President Joko Widodo deliberates on possibly implementing the measure earlier.
* VEDANTA COPPER: The Zambian government is determined to “urgently secure” an investor for Konkola Copper Mines once court processes over the disputed liquidation of the mine are concluded, the mines minister said on Thursday.
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* An index of stock markets worldwide crept lower on uncertainty over the outlook for U.S. interest rate cuts and weak U.S. manufacturing data that raised concerns about the health of the world’s largest economy.
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Three month LME copper
Most active ShFE copper
Three month LME aluminum
Most active ShFE aluminum
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 = 7.0829 Chinese yuan renminbi) (Reporting by Mai Nguyen; editing by Richard Pullin)