(Adds details, quote)
By Naveen Thukral
SINGAPORE, Sept 25 (Reuters) - London copper prices slid for a second session on Tuesday with the market dropping more than 2 percent as an intensifying trade war between Washington and Beijing raised concerns over demand for industrial metals in top consumer China.
Asia stocks struggled as the latest round of U.S.-China tariffs revived fears the trade dispute would hit global growth.
COPPER: Three-month copper on the London Metal Exchange slid 2.2 percent to $6,214 a tonne by 0203 GMT while the most-traded copper contract on the Shanghai Futures Exchange gained 0.9 percent to 50,060 yuan ($7,295.25) a tonne.
GROWTH: The United States and China imposed fresh tariffs on each other’s goods on Monday as the world’s biggest economies showed no signs of backing down from an increasingly bitter trade dispute that is expected to hit global economic growth.
RALLY: “Rising trade tension put a stop to the rally that emerged late last week in the base metals sector,” ANZ said in a note. “China also called off planned talks with the United States, with the chances of anything happening before the U.S. midterm election now highly unlikely.”
Copper climbed to its highest since July 10 at $6,382.5 a tonne on Friday.
TARIFFS: U.S. tariffs on $200 billion worth of Chinese goods and retaliatory tariffs by Beijing on $60 billion worth of U.S. products took effect at midday Asian time on Monday, though the initial level of the duties was not as high as earlier feared.
CHINA: China accounts for nearly half of global copper demand, estimated this year at 24 million tonnes.
OPTIONS: China’s top state copper companies threw their weight behind Shanghai’s first copper options on Friday, with early turnover trouncing its New York rival and raising a big challenge to the 141-year-old London bourse in the $270 billion global market.
CME: CME Group said its COMEX Copper options reached an all-time daily volume record of 8,089 contracts or 91,727 tonnes on Friday. It was nearly double the previous record of 4,255 contracts or 48,250 tonnes set on July 5, 2018.
ZINC: LME three-month zinc slid 3.2 percent to $2,483 a tonne.
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 = 6.8620 Chinese yuan renminbi)
Reporting by Naveen Thukral; Editing by Sunil Nair