June 11, 2018 / 5:25 AM / in 4 months

METALS-Base metal prices mixed after G7 trade tensions

 (Adds broker comment, updates prices)
    BEIJING, June 11 (Reuters) - Base metal prices were mixed on
Monday as positive sentiment over strong import data in China,
the world's biggest metals consumer, was tempered by renewed
fears of a global trade war amid a lack of consensus at the G7
summit in Canada.
    China's unwrought copper imports in May reached their
highest monthly total since December 2016, according to customs
data released on Friday.
    London copper had touched a 4-1/2-year high on Thursday on
concerns over a possible strike at the Escondida mine in Chile.
However, the metal prices slipped in the next session and traded
lower for a second straight day on Monday. 
    Malcolm Freeman, CEO of Kingdom Futures, wrote in a note
that has been "no real follow-through" since funds piled into
copper last week, "and the danger is signals will weaken again
and everyone could get back out as quickly as they got in". 
      
    FUNDAMENTALS
    * SHFE COPPER: The most-traded August copper contract on the
Shanghai Futures Exchange was up 0.2 percent at 54,220
yuan ($8,465.66) a tonne by the mid-session interval, trading
higher for a seventh day.
    * LME COPPER: Three-month copper on the London Metal
Exchange was down 0.2 percent at $7,295.50 a tonne, by
0456 GMT, but was still within a striking distance of the recent
high of $7,348.
    * ESCONDIDA: The union at BHP's Escondida
copper mine in Chile said on Friday it saw a "favourable
scenario" for reaching a deal on a new labour contract with the
company, citing higher copper prices.
    * TARIFFS: Europe will implement counter-measures against
U.S. tariffs on steel and aluminium just like Canada, German
Chancellor Angela Merkel said on Sunday, voicing regret about
President Donald Trump's abrupt decision to withdraw support for
a G7 communique.
    * RUSAL: Rusal's exports and finances will take another hit
if Russian tycoon Oleg Deripaska is unable to persuade
Washington to lift sanctions on the aluminium producer by late
August, three industry sources said.
            
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asia stocks shook off initial modest losses and edged up
on Monday ahead of a U.S.-North Korea summit that might ease
regional tensions, while investors also started to focus on key
central bank meetings later this week.            
  PRICES        
 BASE METALS PRICES                       0456 GMT
 Three month LME copper                     7295.5
 Most active ShFE copper                     54220
 Three month LME aluminium                    2311
 Most active ShFE aluminium                  14900
 Three month LME zinc                         3194
 Most active ShFE zinc                       24380
 Three month LME lead                         2484
 Most active ShFE lead                       20590
 Three month LME nickel                      15445
 Most active ShFE nickel                    116250
 Three month LME tin                         20985
 Most active ShFE tin                       151940
                                                  
                                                  
 LME/SHFE COPPER             LMESHFCUc3    -223.34
 LME/SHFE ALUMINIUM          LMESHFALc3   -2364.86
 LME/SHFE ZINC               LMESHFZNc3     103.32
 LME/SHFE LEAD               LMESHFPBc3     663.29
 LME/SHFE NICKEL             LMESHFNIc3    -868.63
 ($1 = 6.4047 Chinese yuan)

    
 (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
  
 
 
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