London and Shanghai industrial metals jumped on Monday after U.S. and Chinese leaders agreed to a ceasefire in a trade dispute that has shaken global markets.
China and the United States agreed to halt additional tariffs in a deal that keeps their trade war from escalating as the two sides try again to bridge their differences with fresh talks aimed at reaching an agreement within 90 days.
The White House said on Saturday that President Donald Trump told Chinese President Xi Jinping during high-stakes talks in Argentina that he would not boost tariffs on $200 billion of Chinese goods to 25 percent on Jan. 1 as previously announced.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange rose 2.3 percent to $6,338.5 a tonne by 0117 GMT, while the most-traded copper contract on the Shanghai Futures Exchange climbed 1.7 percent to 50,420 yuan ($7,248.63) a tonne.
* Other industrial metals also rose, with Shanghai zinc jumping 4.7 percent to 21,370 yuan a tonne.
* A total of 79 Chinese cities have triggered air pollution alerts as severe winter smog covers wide swaths of the country, the official Xinhua news agency reported on Saturday.
* Chile’s state copper miner Codelco, the world’s No. 1 copper producer, said on Saturday it had reached agreement on a new collective labour contract with the union of workers at its Ministro Hales mine in northern Chile.
* Aluminum Corp of China Ltd , known as Chalco, is cutting output on some of its aluminium production lines in northern China, it said on Friday, as Chinese aluminium prices sank to a fresh two-year low.
