METALS-Copper edges up, awaiting trade talks and US import tariff details

By Hongmei Li

SINGAPORE, July 24 (Reuters) - Copper prices on the London Metal Exchange and the Shanghai Futures Exchange edged up on Thursday, and traders closely monitored the progress of the U.S. trade talks with trade partners and details about the U.S. 50% copper import tariff.

Three-month copper on LME CMCU3 edged up 0.05% to $9,935 a ton by 0100 GMT, and the most-traded copper contract on SHFE SCFcv1 inched up 0.04% to 79,840 yuan ($11,150.99) a ton.

The European Union and the U.S. are moving toward a trade deal that could include a 15% U.S. baseline tariff on EU goods and possible exemptions, two European diplomats said on Wednesday, potentially moving President Donald Trump closer to another major trade agreement on the heels of the one he just unveiled with Japan.

As for copper, Chile's mining minister and the chairman of the world's biggest copper producer, Codelco, said on Wednesday they have not yet received details on 50% copper tariffs due to be imposed by the U.S. on August 1. The majority of the United States' refined copper imports comes from Chile.

August 1 is approaching, yet no one knows what copper products will receive the 50% import tariff, said a Shanghai-based metals analyst at a futures company, adding that this made it "hard to predict where copper prices will go with so many possible scenarios afterwards".

By Wednesday, copper stocks at the COMEX-registered warehouses HG-STX-COMEX totaled 245,508 tons, or up 163% from end of February when the U.S. announced an investigation on copper imports.

SHFE metals prices were range-bound, showing signs of cooling since Wednesday from the enthusiasm after Beijing's announcement on stabilizing industrial growth, including metals and steel, with SHFE aluminium SAFcv1 down 0.41% to 20,760 yuan a ton.

SHFE lead SPBcv1 traded flat at 16,905 yuan, nickel SNIcv1 gained 0.23% to 123,820 yuan, and zinc SZNcv1 up 0.26% to 22,965 yuan, while tin SSNcv1 jumped 1.79% to 273,710 yuan.

LME aluminium CMAL3 went down 0.17% to $2,646.5 a ton, while zinc CMZN3 inched up 0.12% to $2,865.5, and nickel CMNI3 also up 0.12% to $15,590, while lead CMPB3 traded flat at $2,032.

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DATA/EVENTS (GMT)
0500 Japan Chain Store Sales YY June

0645 France Business Climate Mfg, Overall July

0715 France HCOB Mfg, Services, Composite Flash PMI July

0730 Germany HCOB Mfg, Services, Composite Flash PMI July

0800 EU HCOB Mfg, Services, Composite Flash PMI July

0830 UK Flash Composite, Manufacturing, Services PMI July

1000 UK CBI Business Optimism Q3

1215 EU ECB Refinancing Rate, Deposit Rate July

1230 US Initial Jobless Clm 19 July, w/e

1345 US S&P Global Mfg, Svcs, Comp PMI Flash July

1400 US New Home Sales-Units June

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