Wires

METALS-Copper ticks higher on low inventories, equity bounce

BEIJING, Jan 7 (Reuters) - London copper prices edged upwards for a second session in early Asian trade on Tuesday, tracking gains in equity markets and as inventories of the metal continued to fall. Copper stocks in London Metal Exchange-monitored warehouses <MCU-STOCKS> have slumped by 57.5% since late August and are currently at 142,900 tonnes, the lowest since March 2019.

FUNDAMENTALS

* COPPER: Three-month copper on the LME rose 0.4% to $6,161 a tonne by 0136 GMT, extending a 0.2% gain from the previous session. The most-traded March copper contract on the Shanghai Futures Exchange climbed 0.3% to 48,960 yuan ($7,019.46) a tonne.

* GOLDMAN: Investment bank Goldman Sachs said on Monday it remained bullish on copper because smelters were suffering from depressed margins.

* FIRST QUANTUM: Canada's First Quantum Minerals Ltd fell as much as nearly 4% on Monday after the copper miner said it had adopted a poison pill takeover defense, nearly a month after Jiangxi Copper<0358.HK< agreed to pay $1.1 billion to become the miner's largest shareholder.

* MINMETALS: China Minmetals Corp said on Monday its net profit rose by 28.9% in 2019 and annual revenue increased by 13.4%, exceeding 600 billion yuan ($86.04 billion) for the first time, although its nickel and zinc resources fell.

* OTHER METALS: The LME complex was mixed, with aluminium and zinc both down 0.3% and nickel slipping 0.1%. Lead added 0.1% and tin nudged up 0.2%.

* OIL: Commerzbank analyst Daniel Briesemann said on Monday a jump in oil prices since the United States killed Iranian general Qassem Soleimani would push up miners' costs and this was leaving base metals relatively resilient to increased geopolitical tension.

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

MARKETS NEWS

* Asian shares rebounded as a day passed without a new escalation in the Middle East and Wall Street erased early losses to end in the black as tech stocks climbed.

DATA AHEAD (GMT)

1000 EU HICP Flash YY Dec1000 EU HICP-X F&E Flash YY Dec1330 US International Trade Nov1500 US Factory Orders MM Nov1500 US ISM N-Mfg PMI Dec

PRICES

BASE METALS PRICES 0136 GMTThree month LME copper 6161Most active ShFE copper 48960Three month LME aluminium 1827.5Most active ShFE aluminium 14080Three month LME zinc 2317Most active ShFE zinc 18090Three month LME lead 1922.5Most active ShFE lead 14805Three month LME nickel 13795Most active ShFE nickel 108020Three month LME tin 16875Most active ShFE tin 134610

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc 502.75

3

LME/SHFE ALUMINIUM LMESHFALc -454.23

3

LME/SHFE ZINC LMESHFZNc -347.08

3

LME/SHFE LEAD LMESHFPBc -727.19

3

LME/SHFE NICKEL LMESHFNIc -2795.04

3

($1 = 6.9749 Chinese yuan renminbi)

(Reporting by Tom Daly; Editing by Arun Koyyur)