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Copper ticks higher as China returns, trade talks loom

Kitco News

By Mai Nguyen

SINGAPORE, Oct 8 (Reuters) - London copper prices edged higher for a second day on Tuesday as the return of traders from a week-long holiday in top consumer China led to some renewed buying, while uncertainty over a U.S.-China trade deal pushed other metals lower.

Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, will begin trade talks in Washington on Thursday, the first minister-level negotiations in several months.

Most base metals prices have been under pressure amid worries over global economic growth and demand for industrial metals as the U.S.-China trade war rumbles on.

"Can something happen? I guess, maybe. Who knows. But I think it's probably unlikely," U.S. President Donald Trump said, when asked about the chances of progress at this week's trade talks. The chances of a resolution in the prolonged trade dispute dimmed further after Washington blacklisted some Chinese companies.


* LME COPPER: Three-month copper on the London Metal Exchange (LME) fell as much as 0.3% in early trade but was trading up 0.3% at $5,737.50 a tonne as of 0722 GMT.
* CHILE: August production by copper miner Codelco rose 9.3% year-on-year to 154,700 tonnes, while output fell 8.5% year-on-year to 770,800 tonnes at BHP's Escondida mine. Output rose 0.5% year-on-year to 352,500 tonnes at Anglo American's and Glencore's Collahuasi in the same month, state copper commission Cochilco said on Monday.
* CODELCO PREMIUM: Codelco has agreed its 2020 physical copper premium to European buyers at $98 a tonne, the same level as for 2019, copper industry sources said.
* ANTOFAGASTA: Chile's Antofagasta has requested government mediation to resolve a contractual dispute with supervisors at its flagship Los Pelambres copper mine, the supervisors' union said.
* NICKEL: Three-month LME nickel fell as much as 3.3% to a one-week low of $17,135 a tonne, slipping for a second day after jumping 3.4% last week amid a drawdown in stocks.

* LME PRICES: LME aluminium fell 0.3% and lead lost 0.6%, while tin and zinc both eased 0.2%.

* SHFE: The most traded November copper contract on the Shanghai Futures Exchange ended down 0.7% on 46,770 yuan ($6,568.08) a tonne, while zinc fell 0.2%, nickel was flat and lead ended up 1.5% after hitting its earliest since Sept. 17.

(Reporting by Mai Nguyen; additional reporting by Tom Daly in Beijing; editing by Uttaresh.V, editing by Louise Heavens)


Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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