BEIJING, Sept 19 (Reuters) - Shanghai copper prices rose
sharply in early trade on Wednesday, tracking a jump in London
in the previous session and hitting a one-month high as
investors shrugged off an escalation of the U.S.-China trade
row.
China responded to the latest U.S. tariffs on $200 billion
of Chinese goods with tariffs on about $60 billion worth of U.S.
goods, as previously planned, but has reduced the levy it will
collect on the products.
FUNDAMENTALS
* SHFE COPPER; The most-traded copper contract on the
Shanghai Futures Exchange rose as much as 2.8 percent
overnight, its biggest intraday jump since April 19, to 49,730
yuan ($7,250.22) a tonne, its highest since Aug. 14. It was
trading up 2.1 percent as of 0120 GMT.
* LME COPPER: Three-month copper on the London Metal
Exchange was flat at $6,085 a tonne, after closing up
2.4 percent in the previous session.
* TRADE: China is not afraid of "extreme measures" the
United States is taking in the trade war and will use it as an
opportunity to replace imports, promote localisation and
accelerate the development of high-tech products, state media
said.
* COPPER PREMIUM: Chinese copper import premiums
SMM-CUYP-CN have risen to $107.50 a tonne, the highest since
October 2015, indicating strong demand for physical metal.
* COPPER: A company owned by Russian billionaire Alisher
Usmanov is in talks to raise $1.25 billion from Russian banks by
the start of 2019 to build a massive mining and metallurgical
plant at Russia's biggest untapped copper deposit, its chairman
said.
* OTHER METALS: Zinc was the other big gainer in
Shanghai, rising as much as 2.5 percent to its highest since
Sept 3, while LME zinc added 0.8 percent to $2,367.50 a tonne.
* RUSAL: Rusal's foil-rolling plant Armenal has
started cutting production due to U.S. sanctions on the Russian
aluminium giant, a source at the plant and a source close to
Rusal said.
