June 8, 2018 / 1:53 AM / a year ago

METALS-Copper slips after six-day rally, but eyes best week since Feb

    MANILA, June 8 (Reuters) - London copper retreated on Friday
after a six-day rally that pushed the metal to its strongest in
4-1/2 years in the previous session, amid worries over potential
supply disruptions at the world's biggest copper mine where wage
talks are underway.
    The union of workers at the BHP-operated
Escondida copper mine in Chile last week kicked off labor
negotiations with a contract proposal that includes a bonus of
about $34,000 per worker, sparking fears of a possible strike.

    Three-month copper on the London Metal Exchange was
down 1.1 percent at $7,248 a tonne by 0133 GMT. The contract
touched $7,348 on Thursday, its loftiest since January 2014, and
has risen 5 percent so far this week, the most since
    * SHANGHAI COPPER: The most-traded August copper contract on
the Shanghai Futures Exchange was little changed at
53,980 yuan ($8,437) a tonne.
    * CHINA DATA: China is scheduled to release its trade data
later in the day, with exports and imports expected to have
grown at a firm pace in May but slightly slower than the
previous month.
    * CHILE OUTPUT: Chile's copper production in April jumped
6.4 percent from the same month a year earlier, Chilean copper
commission Cochilco said, boosted by increased output at large,
privately held mines in the world's top copper producer.

    * DOLLAR: The dollar wallowed near a three-week low against
peers as U.S. Treasury yields fell sharply, while the euro's
recovery remained intact amid expectations that the European
Central Bank would begin unwinding it stimulus programme.
    * TRUMP: Leaders of the Group of Seven rich nations headed
for a summit in Canada more divided than at any time in the
group's 42-year history, as U.S. President Donald Trump's
"America First" policies risk causing a global trade war and
deep diplomatic schisms.
    * U.S. DATA: The number of Americans filing for unemployment
benefits unexpectedly fell last week, pointing to a further
tightening in labor market conditions.   
    * OTHER METALS: Other metals also slipped, with LME lead
 down 1.9 percent at $2,487 a tonne and zinc
dropping 1 percent to $3,152.
    *     China               Trade data               May
    0600  Germany             Industrial output        Apr
    0600  Germany             Trade data               Apr
    0645  France              Industrial output        Apr
    1400  U.S.                Wholesale sales          Apr
    * No exact timing
 BASE METALS PRICES                                     0133 GMT
 Three month LME copper                                     7248
 Most active ShFE copper                                   53980
 Three month LME aluminium                                  2292
 Most active ShFE aluminium                                14865
 Three month LME zinc                                       3152
 Most active ShFE zinc                                     24340
 Three month LME lead                                       2487
 Most active ShFE lead                                     20365
 Three month LME nickel                                    15440
 Most active ShFE nickel                                  115860
 Three month LME tin                                       21250
 Most active ShFE tin                                     152420
 BASE METALS ARBITRAGE                                          
 LME/SHFE COPPER                   LMESHFCUc3             -77.08
 LME/SHFE ALUMINIUM                LMESHFALc3           -2127.77
 LME/SHFE ZINC                     LMESHFZNc3             198.83
 LME/SHFE LEAD                     LMESHFPBc3              477.4
 LME/SHFE NICKEL                   LMESHFNIc3           -1072.67
($1 = 6.3979 Chinese yuan)

 (Reporting by Manolo Serapio Jr.; editing by Richard Pullin)
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