August 29, 2019 / 2:36 AM / 24 days ago

METALS- Base metals mixed as trade tensions dent demand outlook

SINGAPORE, Aug 29 (Reuters) - Industrial metals were mixed on Thursday, as demand outlook was clouded by little progress on U.S.-China trade war front.

Three-month copper on the London Metal Exchange fell 0.2% to $5,681.50 a tonne by 0200 GMT, while the most-traded copper contract on the Shanghai Futures Exchange edged up 0.1% to 46,620 yuan ($6,572.86) a tonne.

FUNDAMENTALS

* PRICES: London aluminium rose 0.1%, nickel eased 0.1%, zinc increased 0.2% and lead fell 0.2%. Shanghai nickel rose 1.3%, while aluminium decreased 0.5% and lead eased 0.4%.

* NICKEL: The premiums of LME cash nickel over the three-month contract MNI0-3 rose to a decade-high of $97 a tonne, indicating a shortage of nearby supply. One party holds 50% to 80% of available LME inventories, data showed. <0#LME-WHL>

* TARIFFS: The Trump administration on Wednesday made official its extra 5% tariff on $300 billion in Chinese imports and set collection dates of Sept. 1 and Dec. 15, prompting hundreds of U.S. companies to warn of price hikes.

* LYNAS: Australian rare earths miner Lynas Corp posted a 50% jump in annual profit amid record production of major rare earth elements, but the company said most of its growth will be outside China.

* LITHIUM: China’s biggest lithium producer, Ganfeng Lithium Co,, saw its first-half profits plunge 59% as rising supply of the material used in batteries for electric cars caused a slump in prices.

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MARKETS NEWS

* A gauge of equities worldwide rose as data showing strong demand for oil helped subdue recession jitters, while sterling tumbled as Britain’s prime minister moved to suspend parliament before the country’s planned departure from the European Union.

DATA/EVENTS (GMT)

0645 France GDP QQ Final Q1

0755 Germany Unemployment Chg SA Aug

0755 Germany Unemployment Rate SA Aug

0900 EU Consumer Confid. Final Aug

1100 Brazil IGP-M Inflation Index Aug

1200 Germany CPI Prelim YY Aug

1200 Germany HICP Prelim YY Aug

1200 Brazil GDP QQ, YY Q2

1230 US GDP 2nd Estimate Q2

1230 US Initial Jobless Claims Weekly

PRICES

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 = 7.0928 Chinese yuan) (Reporting by Mai Nguyen; editing by Uttaresh.V)

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