December 23, 2019 / 3:17 AM / a month ago

METALS-London copper drifts lower in thin pre-holiday trade

    BEIJING, Dec 23 (Reuters) - London copper prices slipped for
a second straight day on Monday in thin pre-holiday trade, as a
rally fuelled by optimism over the 'phase one' trade deal
between the United States and top metals consumer China began to
run out of steam. 
    The London Metal Exchange will remain closed on Dec. 25-26
for the Christmas holiday.     
    
    FUNDAMENTALS
    * COPPER: Three-month copper on the London Metal Exchange
 dipped 0.3% to $6,158 by 0259 GMT, after closing down
0.6% in the previous session. The most-traded February copper
contract on the Shanghai Futures Exchange fell 0.6% to
48,950 yuan ($6,981.79) a tonne.
    * CHINA TARIFFS: China will lower import tariffs on over 850
products from Jan. 1, the finance ministry said.
    * CODELCO: Chile's state copper miner Codelco said on Friday
it would cancel a contract awarded in November to a consortium
led by Japanese firm Marubeni to construct a
desalination plant to feed its northern mines.
    * SCRAP: China's imports of scrap metal in November rose by
6.3% from the previous month to 170,000 tonnes, data released by
the General Administration of Customs showed on Monday.

    * MERCURIA: Commodity trading giant Mercuria has axed up to
a quarter of its Shanghai trading team, including base metal and
petrochemical traders, as it looks to reduce the risk in its
portfolio, according to three sources with knowledge of the
matter.
    * ICBC: ICBC Standard Bank             has abandoned
proposals to shut its base metals business and instead plans to
merge it with the precious metals unit to cut costs, the bank
told Reuters in an emailed statement.
    * RARE EARTHS: The U.S. military plans to stockpile rare
earth magnets used in Javelin missiles and F-35 fighter jets,
according to a government document seen by Reuters.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian markets idled near 18-month highs as volumes
weakened ahead of the Christmas holiday break and investors
squared off their positions, taking home hefty gains made
earlier this month.    
        
    DATA/EVENTS AHEAD (GMT)
1230 U.S. Durable Goods Nov
1230 U.S. Durables ex-Transport Nov
1330 Canada GDP MM Oct
1500 U.S. New Homes Sales Units Nov
2350 Japan Bank of Japan releases minutes of monetary policy
meeting held on Oct. 30 and 31.
    PRICES        
 BASE METALS PRICES                      0300 GMT
 Three month LME copper                    6157.5
 Most active ShFE copper                    48950
 Three month LME aluminium                   1796
 Most active ShFE aluminium                 14155
 Three month LME zinc                      2334.5
 Most active ShFE zinc                      18115
 Three month LME lead                      1929.5
 Most active ShFE lead                      14865
 Three month LME nickel                     14465
 Most active ShFE nickel                   113470
 Three month LME tin                        17315
 Most active ShFE tin                      139950
                                                 
 BASE METALS ARBITRAGE                           
 LME/SHFE COPPER              LMESHFCUc     301.4
                              3          
 LME/SHFE ALUMINIUM           LMESHFALc   -221.49
                              3          
 LME/SHFE ZINC                LMESHFZNc   -681.28
                              3          
 LME/SHFE LEAD                LMESHFPBc   -894.08
                              3          
 LME/SHFE NICKEL              LMESHFNIc  -3475.53
                              3          
 ($1 = 7.0111 Chinese yuan)

 (Reporting by Tom Daly; Editing by Rashmi Aich)
  
 
 
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