* GRAPHIC-2019 asset returns: (Updates with closing prices, U.S data, tin smelter closure) By Zandi Shabalala LONDON, Oct 17 (Reuters) - Copper inched higher on Thursdayas negotiators from the United States and China worked onfirming up the first phase of a trade deal as part of efforts toend a protracted dispute. The tit-for-tat trade war has rocked global markets,disrupted supply chains and sapped demand for metals. Chinaaccounts for nearly half of global copper consumption. U.S. Treasury Secretary Steven Mnuchin said late onWednesday that U.S. and Chinese trade negotiators were workingon nailing down the text of the Phase 1 deal for theirpresidents to sign next month. "All eyes are on the trade war at the moment and little elsematters," said BMO Capital Markets analyst Kash Kamal. "The moves we are seeing in metals aren't very big... themarket is thinking let's get this mini-deal from last weekratified before any real excitement."
Meanwhile, China's Commerce Ministry said on Thursday itsought a phased agreement in the 15-month-long dispute and hopedto cancel tariffs as soon as possible. Three-month copper on the London Metal Exchange gained 0.2% to $5,739 a tonne in final open-outcry trading.
U.S. MANUFACTURING: U.S. manufacturing output fell more thanexpected in September, hampered by a strike at General Motors,and the outlook for factories remained weak amid slowing globalgrowth and unresolved trade tensions. COPPER: China's top copper smelters on Thursday lifted theirfloor treatment and refining charges for the fourth quarter of2019 by 20% from the previous quarter. COPPER SUPPLY: MMG Ltd said copper production fromits Las Bambas operation in Peru would be marginally belowguidance due to a blockade by locals. CODELCO: The world's largest copper producer has dropped a2017 plan to sell "green copper" at a premium price to customersusing more sustainable practices like renewable energy andrecycled water to cut its carbon footprint. STOCKS: LME nickel inventories slid to their lowest in morethan seven years, with headline stocks falling 2,760 tonnes to88,302 tonnes, the lowest since December 2011. NICKEL: The global nickel market deficit narrowed to 100tonnes in August from a shortfall of 7,000 tonnes in theprevious month, the International Nickel Study Group said. LME nickel ended 1.1% lower at $16,270 a tonne, itslowest since Aug. 29. TREATMENT CHARGES: Zinc treatment and refining charges areexpected to remain at high levels due to rising mine supply fromAustralia and South Africa, industry participants said this weekat a gathering in China. TIN CLOSURE: China's Yunnan Tin said itssmelting unit will halt production from Oct. 21 for up to 50days for maintenance, hitting about 10% of output. LME tin ended 1.8% higher at $17,150 a tonne, aftertouching a near one-month high. PRICES: LME aluminium ended 0.1% lower at $1,727 atonne, zinc added 0.2% to $2,439 and lead rose1.4% to $2,190. (Reporting by Zandi Shabalala; Editing by Kirsten Donovan)
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