SINGAPORE, Sept 9 (Reuters) - Prices for industrial metals declined on Monday as data from China showed exports unexpectedly fell in August, pointing to further weakness in the world’s second-biggest economy.
China’s August exports fell 1% from a year earlier as shipments to the United States slowed sharply amid an ongoing trade war between the world’s two largest economies, compared to analyst expectations of a 2% rise for the period.
China’s unwrought copper imports also declined in August after a bounce in the previous month, and aluminium exports dipped as well.
Three-month copper on the London Metal Exchange (LME) fell 0.3% to $5,814.50 a tonne by 0200 GMT, and the most active copper contract on the Shanghai Futures Exchange (ShFE) declined 0.4% to 47,350 yuan ($6,645.15) a tonne.
LME aluminium declined 0.4%, nickel was down 0.3%, zinc dropped 1.3%, lead fell 0.4% and tin dropped 1.2%.
ShFE aluminium lost 0.4%, nickel was 0.8% lower, zinc declined 1.1%, lead eased 0.2% while tin tumbled 2.2%.
* TRADE WAR: White House economic adviser Larry Kudlow on Friday cautioned that the trade conflict could take years to resolve and declined to predict outcomes of high-level talks between U.S. and Chinese officials in early October.
* CHINA COPPER: China’s August imports of unwrought copper, including anode, refined and semi-finished copper products, fell 3.8% year-on-year to 404,000 tonnes, while imports of copper concentrate rose 9.3% annually to 1.8 million tonnes. CNC-COPORE-IMP
* CHINA ALUMINIUM: China’s unwrought aluminium exports in August fell 9.9% from the same month a year earlier to 466,000 tonnes due to unexpected production outages at two key smelters.
* ALUMINIUM: A Japanese aluminium buyer has agreed to pay a global producer a premium of $97 per tonne over the benchmark price for shipments in October to December, down 10% from the second quarter, a source directly involved in the talks said.
* LEAD: The premium of LME cash lead over the three-month contract CMPB0-3 rose to near a four-week high of $7.5 a tonne, indicating tight nearby supplies. ShFE lead stocks dropped to its lowest since Jan. 4 PB-STX-SGH.
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* Asian stocks eked out modest gains, amid a cautious market mood as investors pinned expectations on likely stimulus to support growth in the world’s major economies, which showed further signs of struggle.
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Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
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
ARBS ($1 = 7.1255 Chinese yuan renminbi) (Reporting by Mai Nguyen; Editing by Rashmi Aich)