(Recasts throughout, updates prices)
By Mai Nguyen
SINGAPORE, Nov 21 (Reuters) - Copper prices rose on
Wednesday, recouping some of previous session's losses, but
gains were capped as trade tensions between the United States
and China escalated ahead of an expected high-stakes meeting
between the two nations.
The United States administration on Tuesday said China has
failed to alter its "unfair" practices, adding to tensions ahead
of the meeting next week between U.S. President Donald Trump and
Chinese President Xi Jinping.
Almost all base metals contracts on the Shanghai Futures
Exchange lost ground after turbulent trade on Tuesday with U.S.
stocks and global oil market tumbling amid concerns over global
economic growth.
The Shanghai market, however, is expected to be stabilised
later this week due to a Thanksgiving holiday in the United
States on Thursday, and as investors stay on the sidelines ahead
of the Trump-Xi talks, said analyst Helen Lau of Argonaut
Securities.
COPPER: London's three-month copper on the London Metal
Exchange was up 0.3 percent at $6,201 a tonne, by 0723
GMT, while Shanghai copper dropped 0.8 percent to
49,410 yuan ($7,117.65) a tonne in an over-3-month high trading
volume.
ALUMINIUM: Global primary aluminium output rose to 5.414
million tonnes in October from 5.301 million tonnes in
September, data from the International Aluminium Institute (IAI)
showed on Tuesday.
Shanghai aluminium touched its lowest since October
2016 of 13,625 yuan, but rebounded later in the session to end
at 13,745 yuan a tonne, down 0.2 percent.
ZINC: Shanghai zinc lost 1.5 percent, while London
three-month zinc was almost flat, having been down 23
percent so far this year, Refinitiv Eikon data showed. Zinc fell
on weaker Chinese automobile usage in October and a
faster-than-expected rise in mined zinc supply, Argonaut's Lau
said.
WEAKER STEEL: Japan's top steelmaker Nippon Steel & Sumitomo
Metal Corp is bracing for a weaker steel market in Asia
because the escalating Sino-U.S. trade war may crimp steel
demand in top buyer China and in Southeast Asia, a senior
executive said.
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 = 6.9419 Chinese yuan)
(Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)
