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SINGAPORE, May 2 (Reuters) – Most base metals, with the exception of copper and zinc, rose on Thursday after a tumble session the day before, with advances in US-China trade negotiations some support.
The United States and China are in the process of concluding a trade deal that would cut some of the $ 250 billion in US tariffs on Chinese products, the company said on Wednesday. daily Politico.
US Treasury Secretary Steven Mnuchin said on his Twitter account that the two countries had completed "productive" talks in Beijing.
Base metals fell on Wednesday at the London Metal Exchange (LME), as aluminum and lead hit their lowest level in more than two years, with computer-controlled funds being sold after the first quarter. expiry of their options in the face of concerns over Chinese demand.
FUNDAMENTALS
* Reference aluminum rose 0.3% to US $ 1,819.50 per tonne at 1:40 GMT, while nickel advanced 0.1%, lead 0.4% and tin 0 , 3%.
* Three-month copper at the London Metal Exchange edged down 0.2% to $ 6225 per tonne, while zinc fell 1.1% after Wednesday's data showed zinc stocks warehouses approved by the LME reached 85 050 tonnes, their highest level since 19 February. MZNSTX TOTAL
* The US Federal Reserve kept its interest rates steady on Wednesday and said it had little interest in adjusting them anytime soon, putting the pursuit of job creation, economic growth and the probability of low inflation.
* Copper prices are expected to lengthen their rebound in the coming months as a recovery in demand from major metals consumers in China and mine disturbances create a larger than expected deficit, a Reuters poll found.
Indian group Hindustan Zinc Ltd (HZL), the second-largest zinc producer in the world, expects production to increase in 2019/2020, after a drop from the previous year, said a senior executive , putting pressure on world prices.
* Manufacturing activity in the United States slowed to a two-and-a-half-year low in April, due to a sharp decline in new orders, while construction spending dropped unexpectedly in March, which suggests that economic growth slowed after a sharp rise in the first quarter.[nL1N22C1JP[nL1N22C1JP[nL1N22C1JP[nL1N22C1JP
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MARKET NEWS
* Asian markets traded sideways as two major centers – Japan and China – were closed for the holidays, while the dollar held its gains overnight after the US central bank put cold water on rate reduction forecasts.
DATA / EVENTS (GMT)
0400 Indonesia Inflation AA April
0750 France Markit Mfg PMI April
0755 Germany Markit / BME Mfg PMI April
0800 EU Markit Mfg PMI Final April
1100 UK BOE Bank Rate May
1100 UK GB BOE QE Corp May
1230 US initial jobless claims per week
1400 orders US Factor MM Mars
PRICES
LME copper three months
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
Three month box LME
ShFE Pewter the most active
Mai Nguyen report; edited by Gopakumar Warrier
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