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Tight Inventory Keeps LME Copper Steady; Trump Holds Back ‘Phase 2’

10 Jan 2020 11:28 am
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Mumbai (Commodities Control) – London copper was little changed in early Asian trade on Friday after U.S. President Donald Trump said a Phase 2 trade deal with China may have to wait until the end of the year, tempering bullishness over exchange inventories near a nine-month low.

Copper is heading for a modest gain of around 0.8% in London this week, after slipping 1.4% last week.

Copper on the LME was steady at $6,182.50 a tonne as of 0128 GMT, after ending flat in the previous session. The most traded March copper contract on the Shanghai Futures Exchange slipped 0.2% to 48,900 yuan ($7,056.38) a tonne.

While, LME nickel nudged up 0.4%, while aluminium gained 0.3% and lead added 0.2%. Tin was flat while zinc was the only metal to fall in London, slipping 0.2%.

Copper production in Democratic Republic of Congo rose 15.9% year-on-year to 1.308 million tonnes for the period from January to November 2019, according to central bank figures released on Thursday. Cobalt production fell 18.3% to 82,220 tonnes, while gold output slid 6.3% to 31,847 kg.

Copper inventories in LME-registered warehouses fell further to 135,800 tonnes, the lowest since March 12.

Days before a U.S.-China trade deal is due to be signed, large Chinese purchases of Brazilian soybeans and a pair of unexpected policy moves by Beijing have dimmed U.S. hopes that China would double its imports of American farm products this year.

President Trump on Thursday said his administration will start negotiating the Phase 2 U.S.-China trade agreement soon but that he might wait to complete any agreement until after November's U.S. presidential election.

(By Commodities Control Bureau +91-22-40015502)

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