November 27, 2018 / 2:13 AM / 18 days ago

METALS-London copper falls for 3rd day after Trump tariff threat

    BEIJING, Nov 27 (Reuters) - London copper prices extended
losses into a third straight session on Tuesday following a
report that U.S. President Donald Trump expects to move ahead
with raising tariffs on $200 billion of Chinese imports.
    In an interview with the Wall Street Journal, Trump said it
was "highly unlikely" he would accept China's request to hold
off on a planned increase in the tariffs from 10 percent to 25
percent due to take effect on Jan. 1.
    Copper is down around 15 percent in London so far in 2018 on
concerns the U.S.-China trade spat will hurt demand for
industrial metals. 
        
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange had fallen 0.4 percent to $6,166 a tonne by
0144 GMT, extending a 0.3-percent drop from the previous
session.
    * SHFE COPPER: The most-traded January copper contract on
the Shanghai Futures Exchange slipped 0.3 percent to
49,140 yuan ($7,071.62) a tonne.
    * ZINC: The metal used to galvanise steel fell furthest in
another broad base metals sell-off, slipping 1 percent in London
 and 1.6 percent in Shanghai, where it hit
19,930 yuan a tonne overnight, the lowest since Sept. 18.    
    * COPPER: A hive of mine exploration activity is underway in
a remote corner of Western Australia's Great Sandy Desert, led
by Rio Tinto Ltd,, which has boosted its
holdings 10-fold in the little explored Paterson province in the
past year.            
    * SCRAP: China's imports of scrap copper from the United
States fell 37 percent from the previous month to just 6,065
tonnes in October, according to Reuters calculations based on
customs data released on Monday.
    * GUINEA: A consortium of the Societe Miniere de Boke (SMB)
and Singapore's Winning Shipping signed an agreement on Monday
with Guinea's government to build the West African country's
first refinery of alumina, which is used to make aluminium.

    * CHILE: Chile's Corfo will present an arbitration suit
against lithium miner Albemarle by Dec. 15, the Chilean state
development agency's vice-president said on Monday, alleging the
world's top lithium producer had failed to adhere to the terms
of a contract drawn up in 2016. The U.S.-based miner said in
October that it believed it had complied with its obligations to
the Chilean government.
    * For the top stories in metals and other news, click       
 or 
        
        
    MARKETS NEWS    
    * Asian shares battled to extend a global rebound on
Tuesday.    
        
    DATA AHEAD (GMT)
    0745  France     Consumer confidence Nov
    0900  Italy     Consumer confidence Nov
    1400  U.S.         Monthly home price index Sep
    1400  U.S.      S&P/Case-Shiller housing index Sep
    1500  U.S.      Consumer confidence Nov        
        
    
    PRICES    
 BASE METALS PRICES                        0146 GMT
 Three month LME copper                        6166
 Most active ShFE copper                      49130
 Three month LME aluminium                     1940
 Most active ShFE aluminium                   13750
 Three month LME zinc                        2464.5
 Most active ShFE zinc                        20225
 Three month LME lead                          1942
 Most active ShFE lead                        18145
 Three month LME nickel                       10845
 Most active ShFE nickel                      89300
 Three month LME tin                          18800
 Most active ShFE tin                        145480
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER             LMESHFCUc3     -655.39
 LME/SHFE ALUMINIUM          LMESHFALc3    -1860.08
 LME/SHFE ZINC               LMESHFZNc3     -229.69
 LME/SHFE LEAD               LMESHFPBc3     1551.52
 LME/SHFE NICKEL             LMESHFNIc3      737.61
 
($1 = 6.9489 Chinese yuan renminbi)

    
 (Reporting by Tom Daly
Editing by Joseph Radford)
  
 
 
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