July 9, 2019 / 2:23 AM / 3 months ago

METALS-Copper falls amid lack of progress on U.S.-China trade talks

SINGAPORE, July 9 (Reuters) - Copper prices on the London Metal Exchange fell on Tuesday, on track for a third straight decline, amid a lack of news on steps to settle a prolonged trade dispute between the United States and China.

Representatives from the two countries were expected to resume talks this week, but nothing has been released about whether the talks happened or whether progress has been made in resolving the year-long dispute that has hurt demand for metals.

Three-month copper on the London Metal Exchange fell 0.3% to $5,873 a tonne by 0205 GMT, while the most-traded copper contract on the Shanghai Futures Exchange declined 0.4% to 46,230 yuan ($6,718.89) a tonne.

FUNDAMENTALS

* London aluminium eased 0.2%, nickel dropped 0.9% and zinc rose 0.1%. Shanghai aluminium fell 0.3%, nickel advanced 1% and zinc tumbled 1%.

* Hong Kong Exchanges and Clearing on Monday launched dollar-denominated and monthly cash-settled contracts - London Metal Mini Futures - for aluminium, zinc, copper, nickel, tin and lead mini, which will start trading on Aug. 5.

* Congolese soldiers fired in the air on Monday as illegal miners protested outside a metallurgical plant on a copper and cobalt concession run by Glencore, a witness said.

* China will investigate state-owned metals conglomerate China Minmetals Corp Ltd and chemical producer China National Chemical Corp Ltd in a new round of central government environmental audits, the environment ministry said.

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

MARKETS NEWS

* Asian stocks struggled to rebound as investors came to terms with sharply reduced expectations the Federal Reserve will deliver a large interest rate cut at the end of July.

DATA/EVENTS

1245 US Federal Reserve Chairman Jerome Powell gives opening remarks via satellite before the “Stress Testing: a Discussion and Review” conference hosted by the Federal Reserve Bank of Boston in Boston

1400 US JOLTS Job Openings May

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 = 6.8806 Chinese yuan renminbi)

Reporting by Mai Nguyen; editing by Richard Pullin

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below