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  • Pre Session Commentary - Detailed News

Base Metals Preview: Copper Edges Higher On Tuesday
21-Aug-18   09:17 Hrs IST

Copper edged higher on Tuesday, bouncing back from its third straight week of losses in a sign of market optimism over planned trade talks between China and the United States and a view that the recent decline in metals was overdone. Benchmark copper on the London Metal Exchange (LME) was up 0.3 percent up at $6011 a tonne, having hit a 14-month low last week as investors were spooked by a crash in the Turkish lira and the potential impact on metals of a U.S.-China trade war. Inventories of copper in China, at 155,076 tonnes in warehouses monitored by the Shanghai Futures Exchange, have halved since a 2018 peak in March.

Copper rebounded from three straight weekly declines as U.S.-China trade tensions eased and a jump in orders for the metal pointed to stronger demand. Industrial metals got a lift from improving sentiment on China's economy and a rise in the yuan. The Asian nation plans to send a delegation to the U.S. later this month, stoking hopes of a revival of trade talks. Meanwhile, orders to withdraw copper from warehouses tracked by the London Metal Exchange climbed the most since 2015 on Monday.

The biggest driver for the market remains sentiment around China's economy and the outcome of the U.S. trade war, and China's plans to send a delegation to the U.S. later this month has renewed hopes of a revival of trade negotiations.

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