SINGAPORE — Industrial metals prices advanced on Tuesday on hopes for a pick up in economic activity as some U.S. states laid out plans to ease coronavirus-driven restrictions.
New York Governor Andrew Cuomo on Monday outlined a phased reopening of business activity in the U.S. state hardest hit by the COVID-19 pandemic, starting with select industries like construction and the least affected regions.
Meanwhile, California Governor Gavin Newsom said on Monday that some retail businesses in the state may begin reopening as early as this week if data shows that the pandemic is not worsening and testing continues to ramp up.
LME zinc climbed 1.1% to $1,920 a tonne, lead advanced 0.7% to $1,641 a tonne and tin was up 0.4% to $15,150 a tonne.
* ARUBIS: Europe’s biggest copper smelter Aurubis won European Union antitrust approval on Monday for its planned 380 million euro ($414.66 million) acquisition of Belgian-Spanish metal recycling group Metallo, the European Commission said.
* AUTOS: Norsk Hydro will close its loss-making Hydro Precision Tubing auto parts plant in the German city of Remscheid by the end of the year, putting 129 jobs at stake, the Norwegian metals maker said in a statement on Monday.
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* A late Wall Street rally is expected to lead Asian stocks higher after tech shares and oil rose on easing coronavirus restrictions and prospects of an economic recovery, overcoming concerns about renewed Sino-U.S. trade tensions.
0430 Australia RBA Cash Rate May
0830 UK Reserve Assets Total April
1230 US International Trade March
1345 US Markit Comp, Svcs Final PMIs April
1400 US ISM N-Mfg PMI April
Three month LME copper
Most active ShFE copper
Three month LME aluminum
Most active ShFE aluminum
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
($1 = 0.9164 euros) (Reporting by Mai Nguyen; Editing by Aditya Soni)