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Copper gains as China agrees to roll back tariffs on some U.S. goods

6 Dec 2019 7:13 pm
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Mumbai (Commodities Control) - Copper firmed on Friday, heading for its third straight week of gains after China said it would waive import tariffs on some goods from the United States and U.S. President Donald Trump said negotiations were "moving right along".

The signals of progress towards a trade deal between Washington and Beijing injected fresh optimism on hopes for an end to the months-long dispute.

Commodity Strategists see this as a good progress, although advice caution.

Developments in the U.S.-China negotiations have sent mixed signals to markets, leading metals such as copper to trade in narrow ranges as traders await more concrete progress.

Benchmark copper on the London Metals Exchange (LME) added 0.2% to $5,900 a tonne in official trading rings, with the metal on track for a 0.7% weekly gain.

Brokers estimate net speculative long positions in Comex copper at 1.9% of open interest, or 3,900 lots.

Positioning has ranged this year from a long of 52,000 lots in March to a short of 36,000 lots in May.

The talks were "moving right along", President Trump said on Thursday, even as Chinese officials insisted that both sides must cancel some tariffs to clinch a phase one deal.

On Friday China waived some of the 25% tariffs imposed on both U.S. soybeans and pork in July 2018 in response to tariffs levied by Washington.

Germany's industrial output dropped unexpectedly in October, reviving worries about its economic growth outlook in the face of global trade conflicts and disruptions in the auto sector.

On-warrant levels of LME copper were down 200 tonnes at 113,400 tonnes, the lowest since March 14.

The discount of LME cash copper to the three-month contract was at $29 a tonne, it’s highest in nearly two months.

LME aluminium was bid down 0.4% to $1,740 a tonne. Zinc edged up 0.3% to $2,241, but remained on course for its fifth straight week of losses.

Lead was bid down 0.4% to $1,897 and tin was bid up 0.1% to $16,825 while Nickel was bid up 1.2% to $13,430 after touching its lowest in nearly five months in the previous session.

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