* GRAPHIC-2019 asset returns:
* Tin price hits three-year low (Updates with closing prices, date for U.S-China talks)By Pratima DesaiLONDON, July 24 (Reuters) - Copper prices rose on Wednesdayas news that U.S. officials would travel to China next week toresume trade talks helped to boost sentiment in industrialmetals markets under pressure from concerns over growth anddemand.Benchmark copper on the London Metal Exchange endedup 0.5% at $5,999 a tonne. Prices of the metal used widely inthe power and construction industries touched a six-month low at$5,740 in June."The deepening rift between the United States and China hasbeen a headwind for metals. There needs to be a resolution tothe trade dispute," said SP Angel analyst Sergey Raevskiy."But the Chinese are being careful, they have providedstimulus and will probably do more if necessary. There isn'tmuch downside from here for copper."
TRADE: U.S. and Chinese negotiators will restart tradenegotiations in Shanghai on July 30 "aimed at improving thetrade relationship between the United States and China,"according to the White House.
U.S. Treasury Secretary Steven Mnuchin and U.S. TradeRepresentative Robert Lighthizer will lead the American team,while Chinese Vice Premier Liu He will lead negotiations forChina. CHINA: Demand for base metals is highly correlated withmanufacturing, which shrank in China last month. China's central bank governor Yi Gang said current interestrates are appropriate, financial magazine Caixin reported onTuesday. China accounts for about half of global copper consumptionestimated this year at about 24 million tonnes."We expect prices to remain subdued this summer," Citianalysts said in a note. "Further China easing should see pricesstart to move higher by the autumn, reaching around $6,600 atonne by year-end."Citi's base case is for a small copper market deficit thisyear.
"Inventory levels are moderately lower than their long-runaverage level," Citi analysts said. "However, the market is notexpected to get tight enough to disconnect from globalmacroeconomic developments."COPPER: Stocks of copper in LME-registered warehouses, at295,000 tonnes, are significantly higher than in March, whenlevels were close to 111,000 tonnes. Receding worries about copper supplies on the LME market canbe seen in the wider discount for cash metal over thethree-month contract . The discount was at $19 a tonneat Wednesday's close, against $2 a tonne on July 15.
TIN: Prices of the soldering metal hit three-yearlows at $17,500 a tonne as funds added to short positions. Itclosed up 1.4% at $17,925. PRICES: Aluminium was up 0.6% at $1,826 a tonne,zinc climbed 1.1% to $2,459, lead gained 2.7% to$2,085 and nickel added 2.7% to $14,550 a tonne. (Reporting by Pratima DesaiAdditional reporting by Mai NguyenEditing by David Goodman and Edmund Blair)