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Mining News Pro - Copper on track for biggest weekly jump since Nov.
According to Mining News Pro - Zinc backwardation eases (Adds closing prices, updates dollar, headline) By Zandi Shabalala LONDON, Jan 11 (Reuters) - Copper prices rose on Friday on hopes for a thaw in a trade dispute between Washington and Beijing, as the two sides prepared for more talks to resolve their issues. U.S. officials expect China`s top trade negotiator to visit Washington this month, signalling that higher-level discussions are likely to follow this week`s talks with mid-level officials in Beijing. The tit-for-tat trade dispute has pushed down metals prices on expectations it could hurt demand, especially from top consumer China. "We started off the year with a series of weak data that
raised concerns about demand, but it`s a better environment for base metals at the moment given the progress in trade talks," Danske Bank commodities analyst Jens Pedersen said.
Three-month copper on the London Metal Exchange (LME) ended 0.2 percent higher at $5,942 per tonne, logging its biggest weekly gain since mid-November.
INTEREST RATES: The dollar rose against the euro, boosted by technical factors after falling earlier on a message that the U.S Federal Reserve will be patient on monetary policy. INDONESIA TIN: Indonesia exported 5,260.55 tonnes of refined tin last month, an increase of nearly 51 percent from a month earlier, data from the Trade Ministry showed. CHINA: China plans to set a lower economic growth target of 6-6.5 percent in 2019 compared with last year`s target of "around" 6.5 percent, policy sources told Reuters, as Beijing gears up to cope with higher U.S. tariffs and weakening domestic demand. ZINC: China`s refined zinc production saw its steepest plunge since 2013 last year amid tight raw material supply, longer maintenance periods and the relocation of the country`s top smelter, according to Antaike, the research arm of the China Nonferrous Metals Industry Association. ZINC SPREAD: The discount of LME cash zinc to the three-month contract narrowed to $12 a tonne, the smallest since Oct. 15. OTHER METALS: Nickel was the biggest gainer in the base metals complex, rising 2 percent to $11,460 per tonne after touching its highest since Nov. 15.
STOCKS: On-warrant stocks of nickel available to the market in LME-approved warehouses were at their lowest since April 2014 at 144,882 tonnes. Aluminium fell 1.3 percent to $1,836 per tonne, zinc gained 1.3 percent to $2,492, lead rose 1.3 percent to $2,002, and tin added 0.8 percent to close at $20,300 after touching a six-month high.
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https://www.miningnews.ir/En/News/324658
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