September 11, 2018 / 1:56 AM / 3 months ago

METALS-Copper eases for second day as Sino-U.S. trade war raises demand concerns

SINGAPORE, Sept 11 (Reuters) - LME copper slid for a second session on Tuesday as an intensifying trade dispute between the United States and China raised concerns over demand for industrial metals.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange was down 0.3 percent at $5,892 a tonne, as of 0141 GMT, while the most-traded copper contract on the Shanghai Futures Exchange added 0.1 percent to 47,710 yuan ($6,945.09) a tonne.

* China will respond if the United States takes any new steps on trade, the foreign ministry said on Monday, after U.S. President Donald Trump warned he was ready to slap tariffs on virtually all Chinese imports into the United States.

* Trump said on Friday he was ready to levy additional taxes on practically all Chinese imports, threatening duties on $267 billion of goods over and above planned tariffs on $200 billion of Chinese products.

* Wood Mackenzie estimates the expansion of the tariff list could raise the impact to around 1 percent of total Chinese copper demand, as many copper intensive goods are included in the extended list.

* China is the world’s largest consumer of copper, accounting for nearly half of global demand estimated at about 24 million tonnes this year.

* China’s copper imports fell 6.7 percent from a month ago to 420,000 tonnes in August, data showed.

* Home prices and property investment in China are expected to rise more this year than first thought, as tight controls in big cities continue to push buyers into less-regulated smaller markets, a Reuters poll showed.

* The pick-up could offer much-needed support to China’s slowing economy as the United States ratchets up tariffs on Chinese goods, though policy makers are likely to remain keenly aware of the risk of property bubbles.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares were struggling to snap an eight-session losing streak on Tuesday as investors decided no news was good news on tariffs, while the pound touched a five-week top on hints a Brexit deal might be nearer.

DATA AHEAD (GMT) 0900 Germany ZEW economic sentiment Sept 0900 Euro zone ZEW survey expectations Sept 1000 U.S. NFIB business optimism Aug 1400 U.S. Wholesale sales 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 = 6.8696 Chinese yuan)

Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips

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