The largest U.S. banks are scrutinizing members of the Federal Reserve for any insight into how the central bank will tinker interest rates.Banksread more
Facebook's cryptocurrency project has already been met with skepticism from policymakers around the world.Technologyread more
The U.S. and China restarted their trade talks, but signs are showing a comprehensive deal could be a long way off, if it happens at all.Marketsread more
Stone, 66, a notorious Republican political operative who has described himself as a "dirty trickster," had previously been dressed down by the judge for his public remarks...Politicsread more
The Biden team's second-quarter Federal Election Commission filing shows that the campaign wrote a check of just over $5,300 on June 28 to Sheehan Associates for "strategic...2020 Electionsread more
See which stocks are posting big moves after the bell on July 16.Market Insiderread more
While the vote served as a show of solidarity for Democrats, it recommended no substantive penalty against Trump.Politicsread more
United Airlines' second-quarter profit tops estimates but questions about the 737 Max linger.Airlinesread more
Three civil rights groups filed a federal lawsuit on Tuesday challenging the Trump administration's new asylum rule, which bars asylum claims from most noncitizens who travel...Politicsread more
Google VP of policy Karan Bhatia started sweating early as hearing chair Ted Cruz brings out an internal presentation created within the company.Technologyread more
At a hearing with the House Judiciary subcommittee on antitrust, an Amazon representative disputed a key argument about how it users sellers' data.Technologyread more
(Updates throughout, moves dateline from SINGAPORE)
LONDON, July 10 (Reuters) - Industrial metals prices rose on Wednesday after U.S. and Chinese negotiators opened a new round of talks, raising hopes of resolving a year-long trade war, with nickel reaching a three-month high.
The U.S.-China confrontation has pushed metals prices sharply lower as investors expect weaker economic growth and metals demand.
Benchmark nickel on the London Metal Exchange (LME) was up 1.4% at $12,880 a tonne at 0920 GMT after touching $12,970, the highest since April 17.
But weak supply and demand fundamentals mean prices of the metal used in stainless steel will likely slip to $11,000 by year-end, said Capital Economics analyst Ross Strachan.
"Demand is pretty poor and auto sales are still pretty weak," he said.
FED: Investors were looking ahead testimony to Congress by U.S. Federal Reserve Chair Jerome Powell at 1400 GMT. Metals prices may fall if Powell signals a delay to interest rate cuts.
TRADE TALKS: U.S. and Chinese trade officials held a "constructive" phone conversation, White House economic adviser Larry Kudlow said, marking a new round of talks. Kudlow said the talks "went well" and were constructive.
CHINA: China's producer prices flatlined in June on lower oil prices and weak global demand, fueling concerns that a slowdown in manufacturing will further drag on growth in the world's largest consumer of metals.
NICKEL STOCKS: Inventories in LME-registered warehouses at 153,612 tonnes are the lowest since 2013, though stocks in Shanghai Futures Exchange (ShFE) storehouses have more than doubled in recent weeks to 21,811 tonnes. <MNISTX-TOTAL> <SNI-TOTAL-D>
SPREAD: The discount of cash nickel to three-month metal at $53.50 is down from its average around $75 over the last year, pointing to tighter nearby supply. <MNI0-3>
FUNDAMENTALS: There was a global deficit of 27,200 tonnes over January-April in the 2.4 million tonne a year nickel market, the International Nickel Study Group said.
Indonesia said this week it expected three nickel smelters to become operational in 2019 with processing annual capacity of 3.9 million tonnes of ore.
NYRSTAR: Nyrstar said it was extending force majeure at its Port Pirie lead and zinc smelter in Australia.
SCRAP: China issued a fresh batch of import quotas for newly restricted high-grade copper scrap and aluminum scrap.
ALUMINIUM: Bosnia's sole aluminum smelter was shut down on Wednesday over a huge debt it had incurred.
OTHER METALS: LME copper was up 1.3% at $5,888 a tonne, aluminum was up 0.7% at $1,833, zinc rose 1% to $2,386.50 and lead gained 1.2% to $1,944.50.
Tin bucked the trend, slipping 0.1% to $18,200 a tonne.
(Reporting by Peter Hobson; Additional reporting by Mai Nguyen; editing by Louise Heavens)