November 6, 2018 / 4:10 AM / 9 days ago

METALS-Copper dips for second session ahead of U.S. mid-term elections

 (Recasts U.S. elections, updates prices)
    By Mai Nguyen
    SINGAPORE, Nov 6 (Reuters) - Copper prices edged lower in a
mild session on Tuesday, with investors on the sidelines ahead
of the U.S. mid-term elections and uncertainty over the
Washington-Beijing trade deal.
    Investors generally expect opposition Democrats to take over
the House of Representatives, while Trump's Republican Party is
tipped to retain the Senate.
    A political gridlock between the White House and Congress
could hinder Trump's pro-business agenda and raise political
instability.
    "If you approach mid-term election ... you may just want to
stay on the sideline. It's a wait-and-see game," said Dominic
Schnider of UBS Group in Hong Kong.
    
    COPPER: Three-month copper on the London Metal Exchange
        was down 0.1 percent at $6,184.50 a tonne, as of 0340
GMT, and the most-traded copper contract on the Shanghai Futures
Exchange SCFcv1 dropped 0.84 percent to 49,650 yuan ($7,173.40)
a tonne.
    SIDEWAY: "Three-month (outlook), we have a sideway move in
all of them (base metals) because there's still an overhang on
trade concerns on one side, and on the other side, we do see ...
in general, the inventories decline which is really favourable,"
Schnider said.
    TRADE SOLUTION: China is ready to hold discussions and work
with the United States to resolve trade disputes because the
world's two largest economies stand to lose from confrontation,
Vice President Wang Qishan said on Tuesday.             
    RALLY: After initial optimism about a phone call between
U.S. President Donald Trump and Chinese President Xi Jinping,
White House economic adviser Larry Kudlow said Trump had not
asked for a plan. Kudlow said he was less optimistic than he was
previously about reaching a deal with China.
    HOPES: U.S. President Donald Trump said on Monday China has
hurt the United States economically but was ready to make a deal
on trade, and that he is open to a fair agreement.             
    
    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 = 6.9214 yuan)

    
 (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)
  
 
 
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