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.
* 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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* 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.
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
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)