October 26, 2018 / 2:06 AM / 20 days ago

METALS-London copper retreats, heads for 2nd straight weekly drop

    BEIJING, Oct 26 (Reuters) - London copper prices retreated
in early Asian trade on Friday, wiping out Thursday's gains from
a sharp drop in inventories, as concerns over the impact of a
U.S.-China trade row on demand for industrial metals returned to
focus.
    Copper was down 0.8 percent for the week, after shedding 1.3
percent in the week ended Oct. 19.
    
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange fell by 0.9 percent to $6,167.50 a tonne by
0149 GMT, reversing Thursday's 0.8 percent rise after on-warrant
LME inventories - those not earmarked for delivery - slid to
their lowest since December 2005.
    * SHFE COPPER: The most-traded December copper contract on
the Shanghai Futures Exchange added 0.6 percent to
50,060 yuan ($7,196.04) a tonne and was up 0.2 percent for the
week.
    * OTHER METALS: The rest of the base metals complex was
lower, with ShFE zinc slipping 1.1 percent. Shanghai
lead was the only other metal to buck the trend,
gaining 1 percent on falling stocks. 
    * MA'ADEN: Saudi Arabian Mining Co (Ma'aden), the
Gulf's largest miner, is actively looking for investment
opportunities overseas that would complement and strengthen its
business inside the kingdom, the company's chief executive said
on Thursday.
    * LITHIUM: Chile's Constitutional Court on Thursday rejected
a lawsuit to block Chinese miner Tianqi Lithium Corp's
 $4.1 billion purchase of a stake in Chilean lithium
miner SQM, all but clearing the way for the
transaction to close.
    * For the top stories in metals and other news, click     
 or     
        
    MARKETS NEWS    
    * Asian shares wobbled in early Friday trade, struggling to
shake off the previous day's global markets rout, after weak
results from tech giants Alphabet Inc and Amazon.com heightened
concerns over world trade and economic growth.    
        
    DATA/EVENT AHEAD (GMT)
    0600  Germany    GfK consumer sentiment Nov
    0645  France    Consumer confidence Oct
    0645  France    Producer prices Sep
    1230  U.S.      Advance GDP Q3
    1400  European Central Bank President Mario Draghi speaks   
            
    PRICES
 BASE METALS PRICES                       0147 GMT
 Three month LME copper                     6167.5
 Most active ShFE copper                     50040
 Three month LME aluminium                    1992
 Most active ShFE aluminium                  14190
 Three month LME zinc                       2626.5
 Most active ShFE zinc                       22030
 Three month LME lead                         2008
 Most active ShFE lead                       18455
 Three month LME nickel                      12120
 Most active ShFE nickel                    100910
 Three month LME tin                         19260
 Most active ShFE tin                       147580
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER             LMESHFCUc3     244.87
 LME/SHFE ALUMINIUM          LMESHFALc3   -1870.43
 LME/SHFE ZINC               LMESHFZNc3     206.43
 LME/SHFE LEAD               LMESHFPBc3    1437.96
 LME/SHFE NICKEL             LMESHFNIc3    2302.05
    
($1 = 6.9566 Chinese yuan)

    
 (Reporting by Tom Daly; Editing by Subhranshu Sahu)
  
 
 
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