Metals-Copper rises as LME, Shanghai inventories fall; oil steadies

Elsewhere, nickel rebounded after leading losses on Monday. The benchmark nickel on the LME CMNI3 rose 1.55%, while the most-active nickel contract on the Shanghai exchange SNIcv1 closed 1.41% higher. Traders said the market is waiting for the Indonesian government to give clearer guidance on the issuance of new nickel mining quotas. Among other LME metals, aluminium CMAL3 rose 0.79%, zinc CMZN3 added 0.73%, lead CMPB3 climbed 0.88% and tin CMSN3 gained 0.54%. Elsewhere on SHFE, aluminium SAFcv1 rose 0.95%, zinc SZNcv1 dropped 0.20%, lead SPBcv1 ticked 0.06% higher, and tin SSNcv1 gained 0.74%. Copper prices rose on Tuesday, supported by falling inventories, while oil steadied with conflicting U.S. and Iranian statements clouding the prospect of a diplomatic resolution to the months-long war. The benchmark three-month copper CMCU3 on the London Metal Exchange was up 0.69% at $13,952 a metric ton as of 0700 GMT, while the most-traded copper contract on the Shanghai Futures Exchange SCFcv1 gained 0.86% to close daytime trading at 106,650 yuan ($15,794.62) a ton. Oil prices steadied after plunging in the previous session, as concerns over Middle Eastern supply persisted despite U.S. President Donald Trump saying talks with Iran were underway. Brent crude futures LCOc1 rose more than 1% on Tuesday. But that's after dropping 7% on Monday to a three-week low. Trump said on Monday that negotiations were taking place and described them as Iran's "last chance" to reach an agreement. However, Iran’s foreign ministry denied that talks were being held or that any meetings were scheduled. Shipping through the Strait of Hormuz remains disrupted, leaving copper vulnerable to risks to energy supplies and transport costs. Copper stocks in LME-registered warehouses MCUSTX-TOTAL fell to 244,025 tons as of Friday, down from around 400,000 tons in April. Inventories tracked by the SHFE CU-STX-SGH have dropped to about 69,300 tons from more than 430,000 tons in March. The declines have tightened immediately available supply outside the United States. By contrast, COMEX copper inventories climbed to 717,314 short tons on August 3, continuing a steady rise from around 340,000 short tons late last year. Weekly copper imports to the U.S. remained at a high level, Chinese broker Jinrui Futures said in a note. The broker also said downstream consumption in China is drifting weaker due to higher prices.

Metals-Copper rises as LME, Shanghai inventories fall; oil steadies

Other base metals mostly higher

Copper rises as inventories fall

Oil steadies after Monday's drop

LME and Shanghai copper stocks keep declining

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