August 17, 2018 / 4:33 AM / 8 months ago

METALS-Copper faces biggest weekly loss since early July as supply concerns ease

 (Adds quote, updates prices)
    By Naveen Thukral
    SINGAPORE, Aug 17 (Reuters) - London copper prices ticked
lower on Friday, declining for a fifth session in six and set
for their biggest weekly decline since early July, as concerns
eased about supply disruptions.
    COPPER: The benchmark copper on the LME         was down 0.4
percent at $5,914.50 a tonne, as of 0418 GMT, while the
most-traded contract on the Shanghai Futures Exchange         
added 0.3 percent to 47,850 yuan ($6,950.70) a tonne.
    WEEKLY MOVE: LME copper has lost 4.4 percent so far this
week, and is poised for its biggest weekly decline since the
beginning of July. 
    EASING SUPPLY RISK: 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
    "The risk of strikes in Chile appears to be abating;
Caserones copper mine is to sign a labour contract with union
leaders with workers voting in favour of latest proposal,"
brokers Marex Spectron said. 
    "Meanwhile, the union for workers at Escondida indicates
that the latest offer from BHP has been well received."
    INFRASTRUCTURE SPENDING: 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.
    RALLY: Copper jumped more than 2 percent on Thursday, 
triggered by reports of Washington-Beijing trade talks and a
recovery in Turkey's currency.
    TRADE TALKS: 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.             
    GROWTH FEARS: China is the world's biggest metals consumer
and a trade war between Washington and Beijing had raised
concerns about global economic growth.
    DOLLAR: 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.
    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                             
($1 = 6.8842 Chinese yuan)

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