MANILA, Oct 18 (Reuters) - London copper steadied on Thursday, with investors opting for caution after Chinese Premier Le Keqiang said China’s economy faces increasing downward pressure amid an ongoing trade war with the United States.
Li, while on a trip to Europe, said Beijing is determined to cope with risks and challenges for the economy which he expects to grow within a reasonable range in the third quarter.
Three-month copper on the London Metal Exchange was flat at $6,220 a tonne by 0119 GMT, but down from this week’s high of $6,342. The most-traded December copper contract on the Shanghai Futures Exchange gained 0.4 percent to 50,280 yuan ($7,259) a tonne.
* FREEPORT: Indonesia’s state-owned miner Inalum is looking to finalise a $3.85 billion deal for majority control of the local unit of global mining giant Freeport McMoRan Inc in December.
* U.S. RATE HIKES: Federal Reserve policymakers are largely united on the need to raise borrowing costs further, minutes from their most recent policy meeting show, despite U.S. President Donald Trump’s view that interest rate hikes have already gone too far.
* DOLLAR: The dollar traded stronger versus its major peers after minutes from the Fed’s September meeting affirmed expectations that the central bank is likely to continue raising interest rates this year.
* ALCOA: Top U.S. aluminum producer Alcoa Corp reported a better-than-expected quarterly profit, as a series of supply hits boosted alumina prices.
0600 Germany Wholesale price index Sep
0830 UK Retail sales Sep
1230 U.S. Weekly jobless claims
1230 U.S. Philly Fed business index Oct
1400 U.S. Leading index Sep
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 = 6.9263 Chinese yuan)
Reporting by Manolo Serapio Jr.; editing by Richard Pullin