METALS-Most Base Metals Remain Stable in Tightened Trade Prior to US-China Trade Negotiations

BEIJING, March 28 (Reuters) – Most industrial metal prices remained flat on Thursday as investors waited for news of the US-China trade talks in Beijing, while the slump in copper supplies eased fears of a sharp rise in the price of oil. a recession in the United States. States. China and the United States have made progress in all areas under discussion in trade talks, with an unprecedented move on the delicate issue of forced technology transfers, but friction remains, US officials told Reuters Wednesday .

"Concerns about weaker economic growth are likely to keep downward pressure on commodities at the moment," ANZ wrote in a note, adding that base metals were still backed by problems with the economy. supply and low inventories. Zinc inventory at London Metal Exchange warehouses The decline of 1,200 tons on Wednesday was reduced to 55,225 tons, its lowest level since 1991, while the "disruption of copper supplies of Las Bambas is persistent," said ANZ, referring to the mine in Peru where MMG intends to declare a case of force majeure.

FUNDAMENTALS

* COPPER: At 7:14 GMT, three-month LME copper rose 0.2% to $ 6,345.5 per tonne, while the most traded copper deal in May on the Shanghai Futures Exchange was virtually unchanged at 48,360 yuan ($ 7,187.66) per tonne.

* MMG LAS BAMBAS: Tension persisted at the Las Bambas mine, Chinese mining company of MMG Ltd, Peru, while indigenous protesters threw rocks on Wednesday at the helicopter of a negotiating team from government whose mission was to peacefully end a 51-day road blockade that strangled access to the mine.

* ZINC SPREAD: LME zinc bonus in cash on the three-month contract hit $ 56 per tonne on Wednesday, its highest level since January 7, while the LME zinc stock further declined to 55,225 tonnes, its lowest level since 2007, according to the latest data.

* PRICE: Shanghai zinc eventually reached 1.2% at 22,570 yuan per ton, while zinc in London plunged 0.1%. Nickel, aluminum and tin in London have all fallen.

* TC / RC: China Smelters' 10-member buying team meets in Shanghai to determine processing and refining royalties (TC / RC) for copper concentrate in the second quarter.

* COPPER: Jiangxi Copper Co, member of the CSPT, said on Wednesday 2018 that his net profit had increased by 52.4% year-on-year, thanks to a gain in coverage increasing his results.

* SCRAP: China wants to reduce solid waste imports to zero by next year, with the aim of reducing pollution and encouraging recycling companies to handle huge volumes of waste domestic, said a senior official of the Ministry of Environment.

* NICKEL: The Indonesian nickel-related industries, such as the production of stainless steel and battery materials, are expected to exceed the value of its second largest source of export earnings, oil from palm, in the next 10 to 15 years, announced Wednesday the head of its investment council.

PRICES

BASE METALS PRICE 0522 GMT Three months of copper LME 6332 The most active copper ShFE 48400 Three months of aluminum LME 1902 The most active of aluminum ShFE 13680 Three months of zinc LME 2880 The most active zinc 22540 Three months of lead LME 2019.5 The most active lead ShFE 16780 Three months of nickel LME 13010 More active ShFE nickel 100680 LME tin three months 21210 More active Tin ShFE 145780

BASIC METAL ARBITRATION

LME / SHFE COPPER LMESHFCUc3 -947.46 LME / SHFE ALUMINUM LMESHFALc3 -1121.35 LME / SHFE ZINC LMESHFZNc3 -598.46 LME / SHFE HEAD LMESHFPBc3 540.24 LME / SHFE NICKEL NESHFBc2

($ 1 = 6.7282 Chinese yuan in renminbi)

(Tom Daly reportage, additional report by Mai Nguyen, edited by Richard Pullin, Subhranshu Sahu and Rashmi Aich)