METALS-Copper edges higher, heads for first weekly jump in seven

 (Adds broker comment; updates prices)
    BEIJING, July 27 (Reuters) - Copper prices edged higher on
Friday as markets were buoyed by an easing of trade tensions
between the United States and the EU.
    After meeting European Commission chief Jean-Claude Juncker
on Wednesday, U.S. President Donald Trump said the two would
work toward eliminating trade barriers on industrial goods.

    Copper is on course to gain 2.4 percent on the London Metal
Exchange and 3.7 percent on the Shanghai Futures Exchange this
week, which would mark its first weekly rise in seven on both
bourses after fears of a global trade war dragged prices down.
    But Malcolm Freeman, CEO of Kingdowm Futures, warned it was
premature to say metals markets had stabilised. 
    "There is still quite a large disconnect in the global
economy and until that settles and there is evidence of
realignment it's unlikely that it will be plain sailing for the
metals prices," he wrote in a note. 
    
    FUNDAMENTALS
    * SHFE COPPER: The most-traded September copper contract on
the ShFE had inched up 0.2 percent to 50,110 yuan
($7,370) a tonne by the mid-session interval.
    * LME COPPER: Three-month LME copper recovered from
an early dip to trade 0.1 percent higher at $6,296 a tonne, as
of 0428 GMT, after ending flat on Thursday. 
    * CHINA: Profit growth for China's industrial firms eased in
June from the previous month, data showed on Friday, as factory
production slowed amid the worsening U.S. trade dispute and
Beijing's efforts to cut pollution and debt. 
    * ALUMINIUM: Shanghai aluminium gained 0.4 percent
and is on course for a 2.3-percent gain this week, which would
be its biggest weekly jump since April. London aluminium
slipped 0.1 percent but is heading for its first weekly jump in
eight after funds cut bets on lower prices. 
    * ALERIS: India's Hindalco Industries Ltd said its
U.S. unit Novelis Inc has agreed to buy aluminium processor
Aleris Corp for $2.6 billion.  
    * PERU: Anglo American is going ahead with the $5
billion development of its Quellaveco project in Peru, one of
the world's largest untapped copper resources with the potential
to transform the company's business outlook.    
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks struggled to gain traction on Friday,
following a mixed Wall Street finish and as the worsening
Sino-U.S. trade dispute kept investors in the region cautious.
    
        
    PRICES    
 BASE METALS PRICES                        0428 GMT
 Three month LME copper                        6296
 Most active ShFE copper                      50110
 Three month LME aluminium                     2066
 Most active ShFE aluminium                   14380
 Three month LME zinc                        2580.5
 Most active ShFE zinc                        21370
 Three month LME lead                        2165.5
 Most active ShFE lead                        18850
 Three month LME nickel                       13845
 Most active ShFE nickel                     112650
 Three month LME tin                          19895
 Most active ShFE tin                        146210
                                                   
                                                   
 LME/SHFE COPPER              LMESHFCUc3     530.73
 LME/SHFE ALUMINIUM           LMESHFALc3    -1836.3
 LME/SHFE ZINC                LMESHFZNc3     551.06
 LME/SHFE LEAD                LMESHFPBc3      903.9
 LME/SHFE NICKEL              LMESHFNIc3    1872.68
 
($1 = 6.7994 Chinese yuan renminbi)

    
 (Reporting by Tom Daly
Editing by Joseph Radford and Richard Pullin)
  
 
 



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