October 25, 2018 / 5:13 AM / 21 days ago

METALS-London copper prices slip to 2-wk low after Wall Street rout

 (Adds Shanghai closing prices, updates London prices)
    BEIJING, Oct 25 (Reuters) - London copper prices fell for a
third straight session on Thursday, hitting a two-week low as
the metal considered to be an economic bellwether tracked a
slump in global equity markets.
    Copper has been losing ground on concerns of a slowdown in
top metals consumer China, which pledged to support illiquid
private companies after third-quarter GDP growth slowed to 6.5
percent, the lowest since 2009.
    "Macro headlines have been unhelpful, and commentary from
some industrial companies about weaker Chinese demand is adding
fuel to the fire," Jefferies analyst Christopher LaFemina wrote
in a note. 
    Import premiums in China SMM-CUYP-CN have fallen to
$112.50 per tonne, the lowest since Sept. 19, after hitting
three-year highs of $120 a tonne late last month.

    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange slipped as much a 1.1 percent to $6,113.50 a
tonne, its weakest since Oct. 11, and was down 0.5 percent at
$6,145.50 a tonne as of 0735 GMT.  
    * SHFE COPPER: The most-traded December copper contract on
the Shanghai Futures Exchange also fell for a third
day, closing down 0.7 percent at 49,760 yuan ($7,160.85) a tonne
after earlier hitting 49,360 yuan, its lowest since Sept. 21. 
    * OTHER METALS: Shanghai nickel slumped as much as
2.8 percent to 100,160 yuan a tonne, the lowest since Sept. 12,
before closing down 1 percent, while lead closed up 1.4
percent and aluminium rose 0.2 percent after drops in
LME stocks on Wednesday.
    * COPPER: Freeport-McMoRan Inc on Wednesday reported
market-beating results as output and grades at its big
Indonesian mine rose, but early share gains turned negative as
investors digested forecasts for the world's biggest public
copper miner. 
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian shares plunged on Thursday as hundreds of billions
of dollars haemorrhaged from global markets after a rout in tech
stocks inflicted the largest daily decline on Wall Street since
2011, wiping out all its gains for the year.    
         
    PRICES
 BASE METALS PRICES                        0744 GMT
 Three month LME copper                        6148
 Most active ShFE copper                      49760
 Three month LME aluminium                     1998
 Most active ShFE aluminium                   14250
 Three month LME zinc                          2654
 Most active ShFE zinc                        22170
 Three month LME lead                        2007.5
 Most active ShFE lead                        18415
 Three month LME nickel                       12230
 Most active ShFE nickel                     102040
 Three month LME tin                          19320
 Most active ShFE tin                        147660
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER             LMESHFCUc3      201.89
 LME/SHFE ALUMINIUM          LMESHFALc3    -1870.32
 LME/SHFE ZINC               LMESHFZNc3      146.92
 LME/SHFE LEAD               LMESHFPBc3     1423.17
 LME/SHFE NICKEL             LMESHFNIc3     2394.28
 ($1 = 6.9489 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; Editing by Richard Pullin and Joseph
Radford)
  
 
 
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