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London copper edges higher on softer dollar, eyes Fed minutes

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BEIJING — London copper prices inched up

in early trade on Wednesday after a more than 1% drop in the

previous session, as the dollar fell from a three-week peak and

investors awaited the minutes of the Federal Reserve’s July

policy meeting.

A weaker greenback makes dollar-denominated metals cheaper

for holders of other currencies and can support prices.

FUNDAMENTALS

* COPPER: Three-month copper on the London Metal Exchange

rose 0.3% to $5,725 a tonne by 0149 GMT, after closing

down 1.1% in the previous session on concerns of weak demand in

top metals consumer China. The most-traded October copper

contract on the Shanghai Futures Exchange fell 0.6% to

46,350 yuan ($6,568.51) a tonne.

* COPPER: The global world refined copper market showed a

62,000 tonnes deficit in May, compared with a 124,000 tonnes

deficit in April, the International Copper Study Group said in

its latest monthly bulletin.

* USD: The dollar index against a basket of six major

currencies was flat at 98.210 after shedding 0.2% overnight

* VEDANTA: Zambian President Edgar Lungu will not meet the

chairman of Vedanta Resources to discuss the disputed

liquidation of its Konkola Copper Mines on his visit to India

this week, a statement from the Zambian State House said.

* TRADE: President Donald Trump on Tuesday said he had to

confront China over trade even if it caused short-term harm to

the U.S. economy because Beijing had been cheating Washington

for decades.

* ALUMINIUM: Xinfa Group, one of China’s top aluminum

producers, has shut down an aluminum production line after an

explosion at a plant in the northwestern Chinese region of

Xinjiang, according to a company source.

* OTHER METALS: Zinc, which hits its lowest since

October 2016 on Tuesday, gained 0.5% and aluminum added 0.2% on

a mixed LME complex, with nickel, lead and tin

all marginally lower.

* COLUMN: Tiny tin market sounds a recessionary warning

note: Andy Home

* For the top stories in metals and other news, click

or

MARKETS NEWS

* Asian shares fell as fresh worries about a global

recession led investors to dump risky assets.

DATA AHEAD (GMT)

1400 US Existing Home Sales July

1800 US Federal Open Market Committee releases the minutes

from its July 30-31 policy meeting

PRICES

BASE METALS PRICES 0151 GMT

Three month LME copper 5725

Most active ShFE copper 46350

Three month LME aluminum 1785.5

Most active ShFE aluminum 14310

Three month LME zinc 2238.5

Most active ShFE zinc 18475

Three month LME lead 2059.5

Most active ShFE lead 16960

Three month LME nickel 15840

Most active ShFE nickel 123540

Three month LME tin 16470

Most active ShFE tin 131540

($1 = 7.0564 Chinese yuan renminbi)

(Reporting by Tom Daly; editing by Richard Pullin)

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