Copper prices erased losses on Wednesday after US President Donald Trump held out the prospect of end to a trade war with top metals consumer China. Trump told reporters in New York that a deal to end a nearly 15-month trade war with China could happen "sooner than you think". Within minutes of the news appearing, copper prices jumped, cancelling out losses suffered partly due to Trump making a hard-hitting speech a day earlier attacking China's trade practices.
Three-month copper on the London Metal Exchange ended the day barely changed, edging up 0.1% to $5,786 a tonne in final open-outcry trading. Copper has shed about 4% since touching a 1-1/2 month peak on September 13, weighed down by worries about a slowdown in top metals consumer China as well as US-China trade tensions. On-warrant LME copper inventories - material that is not earmarked for delivery - fell to 183,925 tonnes, the lowest since May 28, data showed.
LME benchmark nickel rose 0.8% to close at $17,325 a tonne after data showing that China's refined nickel imports more than doubled year on year in August and shipments from top producer Indonesia rose 26.5% year on year. LME lead climbed 2.4% to end at $2,107 a tonne, getting support from a large position in LME inventories. Data showed one party had 50%-70% of available LME stocks. LME aluminium fell 0.6% to close at a three-week low of $1,752 a tonne, zinc gained 0.4% to $2,290 after touching $2,260, also a three-week low, and tin added 0.2% to $16,530.
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