Top Stories
Top Stories
Wires

METALS-London copper holds steady, heads for best week in 12

BEIJING, June 21 (Reuters) - London copper prices were flat in early Asian trade on Friday, holding on to gains made after the United States and top metals consumer China agreed to restart trade talks and amid signs the Federal Reserve may further cut interest rates this year. Copper was on course to gain 2.6% this week, which would mark its best week since the week ended March 29.

FUNDAMENTALS

* COPPER: Three-month copper on the London Metal Exchange was flat at $5,975 tonne by 0109 GMT, after finishing up 0.9% in the previous session, during which it hit near one-month high of $6,027. The most-traded August copper contract on the Shanghai Futures Exchange was flat at 46,830 yuan ($6,835.50) a tonne.

* COPPER: Unions at Chile's Chuquicamata mine called on members to reject a sweetened contract offer from Codelco, the world's largest copper producer, amid a nearly week-long strike that has halved output from the sprawling copper mine.

* ZAMBIA: Vedanta Resources said it would take urgent steps to protect its Zambian assets and pursue international arbitration if necessary after a Lusaka court on Thursday rejected its request to be included in liquidation proceedings.

* LYNAS: Australia's Lynas Corp on Friday said it was stockpiling production of a major rare earth element as prices have jumped in recent weeks on rising supply concerns amid trade tensions between China and the United States.

* MINERALS: U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau ordered officials on Thursday to develop a plan for U.S.-Canada collaboration on "critical minerals," the White House said in a statement after a meeting of the two leaders.

* ECUADOR: Ecuador's Constitutional Court on Thursday ruled against a request to require community consultations for a planned mining project, allowing Australia's SolGold to move forward with developing its Cascabel copper, gold and silver mine.

* OTHER METALS: London aluminium and lead advanced 0.2% in early trade. Nickel was the laggard, falling 0.9%.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian stocks struggled to track Wall Street's exuberance about a possible U.S. rate cut next month as anxiety over Sino-U.S. trade negotiations clouded the investor mood in the region.

DATA AHEAD (GMT)

0715 France Markit Mfg, Serv, Comp Flash PMI June0730 Germany Markit Mfg, Serv, Comp Flash PMI June0800 EU Markit Mfg, Serv, Comp Flash PMI June1345 US Markit Mfg, Serv, Comp Flash PMI June

PRICES

BASE METALS PRICES 0109 GMTThree month LME copper 5975Most active ShFE copper 46830Three month LME aluminium 1785.5Most active ShFE aluminium 13845Three month LME zinc 2469Most active ShFE zinc 19710Three month LME lead 1906Most active ShFE lead 16055Three month LME nickel 12195Most active ShFE nickel 98860Three month LME tin 0Most active ShFE tin 144180

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 614.14LME/SHFE ALUMINIUM LMESHFALc3 -62.15LME/SHFE ZINC LMESHFZNc3 238.67LME/SHFE LEAD LMESHFPBc3 820.97LME/SHFE NICKEL LMESHFNIc3 2043.08

($1 = 6.8510 Chinese yuan)

(Reporting by Tom Daly; editing by Uttaresh.V)