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SINGAPORE, April 5 (Reuters) – London's industrial metals rallied on Friday, backed by the announcement that the US and China are getting closer to a trade deal after months of conflict.
US President Donald Trump said Thursday that a trade deal with China could be concluded in about four weeks, but warned Beijing that without a pact, it would be difficult to let the trade continue.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange edged up 0.2% to $ 6,461 per tonne at 0129 GMT, while aluminum advanced 0.53% and zinc 0.8%. The volume was low because China is closed for a holiday.
* In Indonesia, a mudslide at the Freeport-McMoran Grasberg mine, the second largest copper mine in the world, injured two workers while two others went missing on Wednesday.
* Concern over copper supply breakdown increased as Peruvian judge on Wednesday ordered the imprisonment of lawyers representing indigenous villagers who blocked shipments from the Las Bambas copper mine operated by the chinese miner MMG Ltd.
* The Shanghai Futures Exchange is closed on Friday for the Tomb Sweeping Day holiday and will reopen on Monday.
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MARKET NEWS
* The dollar has reached a three-week high against the yen, supported by expectations that a prolonged trade dispute between the US and China would be settled quickly.
DATA / EVENTS (GMT)
0600 Germany Industrial production MM February
0730 United Kingdom Halifax House Price MM Mars
1230 United States Payroll in March
1230 US unemployment rate in March
1230 US average earnings, March
1230 France Reserve Total Reserve Mars
1900 US Federal Reserve issues installment
Credit for February
PRICES
Three months of copper LME
ShFE Copper Most Active
LME three months in aluminum
Most active ShFE aluminum
LME zinc three months
The most active ShFE zinc
Three months ahead on the LME
Most active ShFE lead
LME nickel three months
Most active nickel ShFE
LME tin of three months
ShFE Pewter the most active
Mai Nguyen report; Edited by Subhranshu Sahu
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