METALS-Copper jumps 1.3% on Trump’s tariff delay; focus on ECB

 (Adds comment, details and updates prices) BEIJING, Sept 12 (Reuters) - London copper prices rose 1.3%
on Thursday after U.S. President Donald Trump agreed to a delay
in hiking tariffs on $250 billion worth of Chinese goods by two
weeks, while investors awaited news on a possible European
Central Bank (ECB) rate cut. The ECB will hold a meeting in Frankfurt on Thursday, where
it is set to unveil fresh stimulus measures to prop up the
ailing euro zone economy. Lower interest rates tend to push
commodity prices higher because they mean lower inventory
financing costs. Copper, considered a bellwether for economic health, dived
17.7% in London in 2018 and has shed another 2% so far this
year, weighed down by concerns the Sino-U.S. trade war will hurt
demand for industrial metals. The discount of cash LME copper over the three-month
contract CMCU0-3 was last assessed at $33.75 a tonne, the
biggest discount since May 22. "The large contangos at the front of the curve seem to
highlight how disappointing real demand is in the physical
market," Marex Spectron said in a note. FUNDAMENTALS * COPPER: Three-month copper on the London Metal Exchange rose as much as 1.3% to $5,848.50 a tonne and stood at
$5,844, as of 0431 GMT, having closed 0.9% lower on Wednesday.
The most traded November copper contract on the Shanghai Futures
Exchange ended the morning session up 0.2% at 47,300
yuan ($6,676.36) a tonne, on course for a weekly dip of 0.5%. * LME: The LME complex was mixed, with nickel
climbing 1.2% and zinc adding 0.4%, while lead
slipped 0.1%, aluminium dipped 0.2% and tin shed 1.4%. * SHFE: The ShFE will be closed on Friday for China's
Mid-Autumn Festival, reopening on Monday. It will report weekly
stocks data later in the day. * HKEX: Hong Kong Exchanges and Clearing Ltd (HKEX)
, the owner of the LME, unveiled a $39 billion takeover
approach to the London Stock Exchange Plc on Wednesday
that received a cool response from investors concerned about its
regulatory and financial hurdles. MARKETS NEWS * Asian stocks hit a six-week high on hopes for a thaw in
U.S.-China trade frictions and expectations that the European
Central Bank would kick off another wave of monetary easing by
global central banks. DATA/EVENTS AHEAD
0600 Germany HICP Final YY Aug
0645 France CPI (EU Norm) Final MM, YY Aug
1145 EU ECB Refinancing Rate Sept
1145 EU ECB Deposit Rate Sept
1200 India Industrial Output YY July
1230 US CPI MM, SA Aug
1230 US Initial Jobless Claims Weekly
1230 ECB President Mario Draghi holds a press conference after
interest rate meeting PRICES 0437 GMT Three month LME copper 5845 Most active ShFE copper 47300 Three month LME aluminium 1822 Most active ShFE aluminium 14415 Three month LME zinc 2371.5 Most active ShFE zinc 19220 Three month LME lead 2092 Most active ShFE lead 17370 Three month LME nickel 18055 Most active ShFE nickel 143820 Three month LME tin 17535 Most active ShFE tin 141440 LME/SHFE COPPER LMESHFCUc3 498.57 LME/SHFE ALUMINIUM LMESHFALc3 -199.48 LME/SHFE ZINC LMESHFZNc3 17.82 LME/SHFE LEAD LMESHFPBc3 -164.24 LME/SHFE NICKEL LMESHFNIc3 -3537.85 ($1 = 7.0847 Chinese yuan) (Reporting by Tom Daly; Editing by Rashmi Aich and Sherry
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