September 7, 2018 / 3:28 AM / 14 days ago

METALS-Copper down for second week, escalating U.S.-China trade war weighs

(Adds quote, details)

By Naveen Thukral

SINGAPORE, Sept 7 (Reuters) - London copper slid on Friday with the market facing a second week of losses on concerns about demand, as a trade war between the United States and top metals consumer China intensifies.

Asian shares slipped to a 14-month trough as investors feared a new round of Sino-U.S. tariffs could come at any moment.

COPPER: Three-month copper on the London Metal Exchange eased 0.2 percent to $5,916 a tonne by 0309 GMT, while the most-traded copper contract on the Shanghai Futures Exchange gained 0.4 percent to 47,790 yuan ($6,991.65) a tonne.

WEEKLY MOVE: For the week, LME copper is down 1 percent while the market in Shanghai has given up 1.6 percent.

STRENGTH: Copper has risen for the past two sessions. “Relatively positive economic data in Europe helped boost sentiment in the market,” ANZ said in a report.

“Copper threatened to break back above the key $6,000 a tonne level before some light selling emerged late in the session.”

TRADE WAR: U.S. President Donald Trump has said he is prepared to quickly ramp up the trade war with China and has told aides he is ready to impose tariffs on $200 billion more on Chinese imports as soon as a public comment period on the plan ends.

RETALIATION: China will be forced to retaliate if the United States implements any new tariff measures, China’s commerce ministry warned on Thursday.

MMG: Road access to MMG Ltd’s Las Bambas copper mine in Peru, which was blocked by protesters last week, has been restored and company logistics are operating normally, the company said late on Wednesday.

RUSAL: European customers will avoid deals with Russia’s United Company Rusal, under U.S. sanctions, when the industry meets in Berlin next week to seal 2019 metal supply agreements, three sources familiar with the discussions said.

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 = 6.8353 Chinese yuan)

Reporting by Naveen Thukral; editing by Richard Pullin and Sai Sachin Ravikumar

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