August 2, 2019 / 1:54 AM / 19 days ago

METALS-Copper hits three-week low on Trump's tariff threat

SINGAPORE, Aug 2 (Reuters) - Base metals tumbled on Friday, with London copper hitting its lowest in over three weeks after U.S. President Donald Trump said he would slap a 10% tariff on the remaining $300 billion of Chinese imports from next month.

Trump said he could raise tariffs further if China fails to move more quickly to strike a trade deal, following a lack of progress at a recent trade negotiations in China.

Three-month copper on the London Metal Exchange (LME) hit $5,808.50 a tonne, its lowest since July 9, while aluminium eased 0.1%, nickel and zinc dropped 1.1% each, lead fell 0.8% and tin was trading 0.1% lower.

FUNDAMENTALS

* CODELCO DELAY: The reactivation of a smelter belonging to Chile’s state-run Codelco, the world’s top copper producer, will be further delayed until the end of October this year after missing a previous target of April, four sources told Reuters.

* SHANGHAI PRICES: The most-traded copper contract on the Shanghai Futures Exchange dipped 0.6%, aluminium eased 0.2%, while zinc and lead dropped 0.8% each. However, nickel rose 1.2% and tin was almost unchanged.

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MARKETS NEWS

* Global stocks took another beating while investors piled on to safe-haven assets after U.S. President Donald Trump said he would slap a 10% tariff on the remaining $300 billion of Chinese imports from next month.

DATA/EVENTS (GMT)

1230 US Non-Farm Payrolls July

1230 US Unemployment Rate July

1230 US Average Earnings YY July

1230 US International Trade June

1400 US Factory Orders MM June

1400 US U Mich Sentiment Final 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 (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)

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