August 17, 2018 / 2:03 AM / 3 months ago

METALS-Copper eases after rally, set for biggest weekly loss since early July

    SINGAPORE, Aug 17 (Reuters) - London copper prices ticked
lower on Friday, shedding last session's gains which were
triggered by reports of Washington-Beijing trade talks and a
recovery in Turkey's currency.
    
    FUNDAMENTALS
    * The benchmark copper on the LME         was down 0.3
percent at $5,920.50 a tonne, as of 0141 GMT, after climbing
more than 2 percent in the last session, while most-traded
contract on the Shanghai Futures Exchange          added 0.3
percent to 47,870 yuan ($6,965.34) a tonne.
    * LME copper lost 4.5 percent this week, and is poised for
its biggest weekly decline since the beginning of July. 
    * China and the United States will hold lower-level trade
talks this month, the two governments said on Thursday, offering
hope that they might resolve an escalating tariff war that
threatens to engulf all trade between the world's two largest
economies.             
    * China is the world's biggest metals consumer and a trade
war between Washington and Beijing had raised concerns about
global economic growth.
    * The dollar was little changed against other major
currencies on Friday after nudging away from 13-1/2-month highs
amid easing risk aversion and as investors awaited the next
developments in the U.S.-China trade saga.
    * China almost quadrupled the value of fixed-asset
investment projects approved in July from the previous month as
Beijing looks to accelerate infrastructure spending to stabilize
the cooling economy.
    * Copper prices could face pressure as concerns ease over
supplies from the world's biggest mine. The first workers to
review a proposed labour pact at the world's largest copper
mine, Chile's Escondida, are in favour of signing the new
contract, union spokesman Carlos Allende said on Thursday.
            
    * For the top stories in metals and other news, click       
          or             
        
    MARKETS NEWS    
    * Asian shares won a modest reprieve on Friday after China
and the United States agreed to hold their first trade talks
since June next week and as the Turkish lira extended gains from
its record low earlier this week.                
        
    DATA/EVENTS    
0800 Euro zone Current account June
1400 U.S. Univ of Michigan sentiment index Aug
1400 U.S. Leading index July        
    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 = 6.8726 Chinese yuan)

    
 (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)
  
 
 
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