July 4, 2018 / 1:57 AM / 4 months ago

METALS-Copper holds near 9-month low as trade worries persist

    MANILA, July 4 (Reuters) - London copper edged higher on
Wednesday but stayed near a nine-month trough reached in the
prior session with other metals also trading close to
multi-month lows, as ongoing trade tensions between China and
the United States curbed risk appetite.
    The Chinese yuan stood near 11-month lows and Asian equities
were weaker with investors on edge ahead of the July 6 deadline
when U.S. tariffs on $34 billion worth of Chinese goods take
effect. Beijing has said it would retaliate with tariffs on U.S.
products. 
    Three-month copper on the London Metal Exchange was
up 0.9 percent at $6,548.50 a tonne by 0144 GMT, but not far
from Tuesday's low of $6,490, its weakest since October. On the
Shanghai Futures Exchange, the most-traded copper
slipped 0.9 percent to 50,850 yuan ($7,676) per tonne.
    
    * OTHER METALS: LME aluminium climbed 1.2 percent to
$2,104 a tonne after hitting a three-month low of $2,079.85
overnight. Zinc gained 0.4 percent to $2,799, having
touched an 11-month low of $2,778 on Tuesday.
    * CHINA SEEKS ALLIES: China is putting pressure on the
European Union to issue a strong joint statement against
President Donald Trump's trade policies at a summit later this
month but is facing resistance, European officials said.

    * GLENCORE: U.S. authorities have demanded Glencore
hand over documents about its business in the Democratic
Republic of Congo, Venezuela and Nigeria as part of a corruption
probe, sending the mining company's shares down more than 8
percent.
    * FREEPORT: Indonesia has extended the operating permit of
copper miner Freeport McMoRan Inc's local unit, PT Freeport
Indonesia, to July 31, 2018, as discussions over longer term
rights to its Grasberg mine are not complete.
    * U.S. DATA: New orders for U.S.-made goods unexpectedly
rose in May, pointing to a strengthening manufacturing sector,
but business spending on equipment appeared to have slowed
further in the second quarter.
    * CURRENCIES: Major currencies marked time while the Chinese
yuan stayed near 11-month lows, despite efforts by authorities
the previous day to calm financial markets which had been
rattled by worries about trade wars.
        
    DATA AHEAD (GMT)
    0145  China             Caixin services PMI          Jun
    0750  France            Markit services PMI          Jun
    0755  Germany           Markit services PMI          Jun
    0800  Euro zone         Markit services PMI          Jun
        
 BASE METALS PRICES                                    0144 GMT
 Three month LME copper                                  6548.5
 Most active ShFE copper                                  50850
 Three month LME aluminium                                 2104
 Most active ShFE aluminium                               14020
 Three month LME zinc                                      2798
 Most active ShFE zinc                                    22690
 Three month LME lead                                      2389
 Most active ShFE lead                                    19945
 Three month LME nickel                                   14435
 Most active ShFE nickel                                 113620
 Three month LME tin                                      19740
 Most active ShFE tin                                    145200
                                                               
 BASE METALS ARBITRAGE                                         
 LME/SHFE COPPER                   LMESHFCUc3            420.19
 LME/SHFE ALUMINIUM                LMESHFALc3          -2142.13
 LME/SHFE ZINC                     LMESHFZNc3            458.04
 LME/SHFE LEAD                     LMESHFPBc3             66.23
 LME/SHFE NICKEL                   LMESHFNIc3            301.55
 ($1 = 6.6243 Chinese yuan)

    
 (Reporting by Manolo Serapio Jr.; Editing by Amrutha Gayathri)
  
 
 
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