BEIJING, Aug 24 (Reuters) - London copper price recovered
from an early dip to trade higher for the first session in three
on Friday, as investors shrugged off the lack of a breakthrough
in U.S.-China trade talks and sensed buying opportunities.
London Metal Exchange copper is on course to end the week
1.4 percent higher, which would mark its first weekly jump since
the week ended Jul. 27 after concerns the trade spat would hurt
demand for industrial metals weighed on prices.
"There is definitely evidence that trade buyers are
beginning to price in metals generally amid a scenario of
falling stocks and rising physical premiums," Malcolm Freeman,
director of Kingdom Futures, wrote in a note.
China copper import premiums SMM-CUYP-CN are currently at
$86 per tonne, their highest since October 2016, while zinc
premiums ZN-BPCIF-SHMET on a cost, insurance, freight (c.i.f.)
basis have risen to $160 a tonne, the most since November 2017.
FUNDAMENTALS
* LME COPPER: Three-month copper on the LME was up
0.4 percent at $6,011 a tonne by 0434 GMT, after a 0.3 percent
drop in the previous session.
* SHFE COPPER: The most-traded October copper contract on
the Shanghai Futures Exchange was up 0.8 percent to
48,630 yuan ($7,074.48) a tonne by the mid-session interval and
is on course for a weekly gain of 1.6 percent.
* TRADE TALKS: U.S. and Chinese officials ended two days of
talks on Thursday with no major breakthrough as their trade war
escalated with activation of another round of dueling tariffs on
$16 billion worth of each country's goods.
* ZINC: Shanghai zinc climbed as much as 2.6
percent to a one-week high of 21,190 yuan a tonne as is up 6.3
percent this week, which would be its biggest weekly jump since
the week ended Aug. 18, 2017. It lost 7.5 percent last week.
* LEAD: Shanghai lead rose as much as 2.7 percent
to a two-week high of 18,280 yuan a tonne on concerns over tight
stocks, and is heading for its best week since June.
* LEAD: Canadian diversified miner Teck Resources Ltd
, said on Thursday that lead smelting at its
Trail, British Columbia facility was suspended for a fourth day
due to wildfires in the province.
