July 24, 2020 / 2:10 AM / 12 days ago

METALS-London copper eases on U.S.-China tensions

SINGAPORE, July 24 (Reuters) - London copper prices fell on Friday as tensions escalated between the United States and China, the world’s two biggest economies, with an unexpected rise in U.S. unemployment also denting sentiment.

Three-month copper on the London Metal Exchange fell 0.8% to $6,492 a tonne by 0136 GMT, while the September copper contract on the Shanghai Futures Exchange rose 0.5% to 52,020 yuan ($7,429.52) a tonne, tracking an overnight gain in London.

While China vowed to retaliate against the U.S. move to close its Houston consulate, U.S. Secretary of State Mike Pompeo called for “more creative and assertive ways” to press the Chinese Communist Party to change its ways.

Meanwhile, U.S. data showed unemployment rose unexpectedly, suggesting that the labour market was stalling amid the recent resurgence in COVID-19 cases.

FUNDAMENTALS

* NICKEL: ShFE nickel jumped 3.3% to 108,800 yuan a tonne, while LME nickel eased 0.2% to $13,665 a tonne, following a 4.2% jump in the previous session after Tesla’s boss Elon Musk urged miners to produce more nickel.

* OTHER METALS: LME aluminium eased 0.1% to $1,700 a tonne and zinc fell 0.3% to $2,234 a tonne. ShFE zinc advanced 1.8% to 18,165 yuan a tonne and tin rose 1.1% to 143,000 yuan a tonne.

* For the top stories in metals and other news, click or

DATA/EVENTS (GMT)

0600 UK Retail Sales MM, YY June

0600 UK Retail Sales Ex-Fuel MM June

0715 France Markit Mfg, Serv, Comp Flash PMIs July

0730 Germany Markit Mfg, Serv, Comp Flash PMIs July

0800 EU Markit Mfg, Serv, Comp Flash PMIs July

0830 UK Flash Composite PMI July

0830 UK Flash Mfg, Serv PMIs July

1345 US Markit Mfg, Serv, Comp Flash PMIs July

1400 US New Home sales-Units June

$1 = 7.0018 yuan Reporting by Mai Nguyen; editing by Uttaresh.V

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below