Copper Ticks Higher on Renewed Trade talk Optimism

London copper prices edged
higher in early trade on Tuesday, after U.S. Treasury Secretary
Steven Mnuchin said he would meet with Chinese Vice Premier Liu
He for trade talks in two weeks.
    Copper, considered a bellwether for economic health, has in
recent months taken its directional cues from developments in
the U.S.-China trade row, which has dampened the demand outlook
for industrial metals.     
    
    FUNDAMENTALS
    * COPPER Three-month copper on the London Metal Exchange
 was up 0.3% at $5,793.50 tonne by 0214 GMT, after
closing down 0.3% on Monday, when it hit a 2 1/2-week low. The
most-traded November copper contract on the Shanghai Futures
Exchange rose 0.3% to 47,150 yuan ($6,626.84) a tonne.
    * COPPER: The global refined copper market showed a 21,000
tonne deficit in June, compared with a 70,000 tonne deficit in
May, the International Copper Study Group said in its latest
monthly bulletin.
    * FIRST QUANTUM: Canada's First Quantum Minerals Ltd
on Monday confirmed it was in talks with China's Jiangxi Copper
Co Ltd for a potential sale of a minority interest
in its Zambian copper assets.
    * CODELCO: Chile's state copper miner Codelco issued $2
billion worth of bonds on Monday, while offering to buy back
short-term notes, as it seeks to smooth financing of a major
overhaul of its ageing mines.
    * TRADE: U.S. President Donald Trump on Monday questioned a
decision by his top trade negotiators to ask Chinese officials
to delay a planned trip to U.S. farming regions after trade
talks last week, saying he wanted China to buy more American
farm products.
    * OTHER METALS: The LME complex was broadly lower, with
nickel tumbling 1.4% and zinc down 0.9%.
Aluminium and tin kept losses to 0.1%, while
lead shed 0.4%.
    * STAINLESS: The ShFE will launch trading in stainless steel
futures on Wednesday.
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    MARKETS NEWS    
    * U.S. stock futures gained in early Asian trade after U.S.
Treasury Secretary Steven Mnuchin said U.S.-China trade talks
will resume in early October while the euro struggled in the
wake of dismal European manufacturing and services data.
    


Source: uk.reuters.com
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