October 24, 2018 / 1:55 AM / 9 months ago

METALS-Copper under pressure on worries over China demand

MANILA, Oct 24 (Reuters) - Copper prices edged lower on Wednesday, reflecting investor doubts over plans by top consumer China to reinvigorate the world’s No. 2 economy after growth slowed to the weakest since 2009 in the latest quarter.

China said earlier this week that it will roll out more policies to support private companies, including measures to help them raise funds in capital markets, after data last week showed its third-quarter gross domestic product growth slowed to 6.5 percent, the least since the first quarter of 2009.

China’s main stock indexes resumed a downward spiral on Tuesday, a day after the blue-chip index posted its biggest gains in nearly three years, as investors remained pessimistic about economic prospects and worried about risks posed by shares pledged for loans.

Three-month copper on the London Metal Exchange was down 0.2 percent at $6,186 a tonne by 0122 GMT. The most-traded December copper contract on the Shanghai Futures Exchange eased 0.5 percent to 50,100 yuan ($7,220) a tonne.

* CHINA ALUMINA: China’s alumina exports in September surged more than fivefold from August to 165,839 tonnes, the highest monthly volume this year.

* ALUMINIUM PRICES: LME aluminium rose 0.5 percent to $2,010 a tonne, but not far above 6-1/2-month lows reached last week. In Shanghai, aluminium gained 0.6 percent to 14,250 yuan a tonne.

* EQUITIES: Asian stocks edged up as a late round of buying helped Wall Street indexes pare most of their earlier panic-driven losses, although crude oil struggled near two-month lows after Saudi Arabia flagged possible supply increases.

* CERRO MATOSO: The Cerro Matoso nickel mine, owned by Australian miner South32, owes more than $56 million in unpaid royalties to Colombia, the country’s comptroller said.


0645 France Business climate manufacturing Oct

0715 France Markit manufacturing PMI Oct

0730 Germany Markit manufacturing PMI Oct

0800 Euro zone Markit manufacturing PMI Oct

1300 U.S. Monthly home price index Aug

1345 U.S. Markit manufacturing PMI Oct

1400 U.S. New home sales Sep

1800 Federal Reserve issues Beige Book of economic condition


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 = 6.9392 Chinese yuan)

Reporting by Manolo Serapio Jr.; editing by Richard Pullin

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