August 7, 2019 / 4:59 AM / 12 days ago

METALS-London copper hovers at two-year low amid trade jitters

 (Updates prices)
    By Mai Nguyen
    SINGAPORE, Aug 7 (Reuters) - London copper prices on
Wednesday struggled to break away from a two-year low as markets
remained fragile with barely any signs of progress in the
year-long trade negotiations between the United States and
China.
    U.S. President Donald Trump pledged to stand with American
farmers in the face of Chinese retaliation, after Beijing halted
U.S. farm purchases and raised the possibility of additional
tariffs on U.S. farm products in response to new tariffs. 
            
    London copper         rose as much as 0.7% in early Asian
hours on hopes of further U.S.-China trade negotiations, but
retreated to gain only 0.1% at $5,687.50 a tonne at 0721 GMT. 
    On Monday, prices of the metal used widely as a gauge of
economic health hit $5,640 a tonne, its lowest since June 2017. 
  
    Meanwhile, Shanghai copper          ended down 0.4% to
45,960 yuan ($6,528.04) a tonne.
        
    FUNDAMENTALS
    * TRADE TALKS: White House National Economic Council
director Larry Kudlow told CNBC that the Trump administration
was still planning to host a Chinese delegation for talks in
September, while steps taken by Chinese authorities to contain a
sliding yuan also helped calm fears of a full-blown trade and
currency war.             
    * CHINA POLL: China's exports probably fell for a second
successive month, while imports likely contracted more sharply
in July, a Reuters poll showed, hurt by tit-for-tat tariffs in a
rapidly escalating trade war with the United States.
            
    * LME: The London Metal Exchange is poised to extend its
closing open-outcry trading sessions for all metals after
volumes jumped in a three-month trial, denting expectations of
an eventual move to full electronic trading.             
    * GLENCORE/COBALT: Glencore Plc          will halt
production at Mutanda mine, the world's largest cobalt mine,
from the end of this year after a slump in prices for cobalt,
Financial Times reported on Tuesday.             
    * PRICES: London aluminium         edged up 0.1%, nickel
        dropped 1.3%, while lead         fell 0.4%. In Shanghai,
aluminium          decreased 0.5%, zinc          dropped 1.9%,
while lead          rose 0.5%.
    * LEAD: "Both primary and secondary lead are in deficit, and
smelters' enthusiasm for production is not good, so supply may
be reduced," said a lead smelter.
    * For the top stories in metals and other news, click       
          or             
        
    PRICES    
    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 = 7.0404 Chinese yuan)

 (Reporting by Mai Nguyen; Additional reporting by Tom Daly in
Beijing; Editing by Rashmi Aich and Sherry Jacob-Phillips)
  
 
 
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