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METALS-Copper ticks higher on renewed trade talk optimism

BEIJING, Sept 24 (Reuters) - London copper prices edged higher in early trade on Tuesday, after U.S. Treasury Secretary Steven Mnuchin said he would meet with Chinese Vice Premier Liu He for trade talks in two weeks. Copper, considered a bellwether for economic health, has in recent months taken its directional cues from developments in the U.S.-China trade row, which has dampened the demand outlook for industrial metals.

FUNDAMENTALS

* COPPER Three-month copper on the London Metal Exchange was up 0.3% at $5,793.50 tonne by 0214 GMT, after closing down 0.3% on Monday, when it hit a 2 1/2-week low. The most-traded November copper contract on the Shanghai Futures Exchange rose 0.3% to 47,150 yuan ($6,626.84) a tonne.

* COPPER: The global refined copper market showed a 21,000 tonne deficit in June, compared with a 70,000 tonne deficit in May, the International Copper Study Group said in its latest monthly bulletin.

* FIRST QUANTUM: Canada's First Quantum Minerals Ltd on Monday confirmed it was in talks with China's Jiangxi Copper Co Ltd for a potential sale of a minority interest in its Zambian copper assets.

* CODELCO: Chile's state copper miner Codelco issued $2 billion worth of bonds on Monday, while offering to buy back short-term notes, as it seeks to smooth financing of a major overhaul of its ageing mines.

* TRADE: U.S. President Donald Trump on Monday questioned a decision by his top trade negotiators to ask Chinese officials to delay a planned trip to U.S. farming regions after trade talks last week, saying he wanted China to buy more American farm products.

* OTHER METALS: The LME complex was broadly lower, with nickel tumbling 1.4% and zinc down 0.9%. Aluminium and tin kept losses to 0.1%, while lead shed 0.4%.

* STAINLESS: The ShFE will launch trading in stainless steel futures on Wednesday.

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MARKETS NEWS

* U.S. stock futures gained in early Asian trade after U.S. Treasury Secretary Steven Mnuchin said U.S.-China trade talks will resume in early October while the euro struggled in the wake of dismal European manufacturing and services data.

DATA AHEAD (GMT)

0645 France Business Climate Mfg Sept

0800 Germany Ifo Business Climate New Sept

0800 Germany Ifo Curr Conditions New Sept0800 Germany Ifo Expectations New Sept1000 UK CBI Trends - Orders Sept1200 Brazil IPCA-15 Mid-Month CPI YY Sept1300 US CaseShiller 20 MM SA, YY July

PRICES

BASE METALS PRICES 0218 GMTThree month LME copper 5795.5Most active ShFE copper 47140Three month LME aluminium 1783.5Most active ShFE aluminium 14220Three month LME zinc 2312.5Most active ShFE zinc 18805Three month LME lead 2078.5Most active ShFE lead 16680Three month LME nickel 17230Most active ShFE nickel 136930Three month LME tin 16520Most active ShFE tin 136640

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 520.79LME/SHFE ALUMINIUM LMESHFALc3 -201.76LME/SHFE ZINC LMESHFZNc3 2.54LME/SHFE LEAD LMESHFPBc3 -624.78LME/SHFE NICKEL LMESHFNIc3 -4659.22

($1 = 7.1150 Chinese yuan)

(Reporting by Tom Daly; Editing by Subhranshu Sahu)