September 11, 2019 / 5:09 AM / 11 days ago

METALS-London copper sheds gains as China auto sales continue to dive

 (Recasts to include China auto sales data, details and updates
prices)
    BEIJING, Sept 11 (Reuters) - London copper gave up gains to
trade lower on Wednesday, after China's auto sales fell for a
14th consecutive month, dampening earlier sentiment over a
potential thaw in the U.S.-China trade dispute.
    China's total auto sales fell 6.9% from the same month a
year earlier to 1.96 million, the China Association of
Automobile Manufacturers said, adding that sales of
copper-intensive new energy vehicles fell for a second month in
a row by 15.8%.
    The market was previously supported by concerns about a
mining strike in Peru, even as an industry association said mine
output in the world's No. 2 copper producer had not been
affected, while China moved to exempt 16 types of U.S. products
from additional retaliatory tariffs.
    LME copper inventories are at their lowest level since
mid-August at 310,350 tonnes, ANZ said in a note, adding that
demand indicators, including from the autos sector, were
nonetheless still showing weakness.
                   
    FUNDAMENTALS
    * COPPER: Three-month copper on the London Metal Exchange
 was down 0.2% at $5,815 a tonne, as of 0751 GMT, after
earlier rising as much as 0.2%. The most-traded November copper
contract on the Shanghai Futures Exchange closed down
0.2% on 47,290 yuan ($6,645.59) a tonne.
    * COPPER: Refined copper cathode production by major Chinese
smelters fell by 0.5% in August from a month earlier, according
to a survey of producers by research house Antaike.
    * CHINA: China on Wednesday moved to exempt 16 types of U.S.
products from additional retaliatory tariffs, including whey and
fish meal, which are fed to animals, and some lubricants,
according to a statement from the Ministry of Finance. 

    * ZINC: The metal used to galvanise steel rose as much as
1.3% to $2,368.50 a tonne in London, its highest since
Aug. 2.
    * NICKEL: Indonesian state miner Aneka Tambang (Antam)
 will propose to the government to extend until the end
of the year its export permit for 1 million tonnes to 1.2
million tonnes of nickel ore that is due to expire in October,
its commerce director said on Wednesday.     
    * NICKEL: The Philippines' mining watchdog has recommended
lifting the suspension of a small-sized nickel miner, one of
several ore producers ordered in 2016 to halt operations in an
industry-wide crackdown, a senior government official said on
Wednesday. 
    * RUSSIA: Russian aluminium and nickel exports rose in the
first seven months of 2019, while copper exports declined,
official customs data showed.
        
    MARKETS NEWS    
    * Bond yields climbed and stock markets held steady, as
hopes of easing U.S.-China tensions and diminished risk of a
no-deal Brexit prompted traders to take profit before key
central bank meetings.    
        
    PRICES       
 BASE METALS PRICES                       0759 GMT
 Three month LME copper                       5805
 Most active ShFE copper                     47290
 Three month LME aluminium                  1824.5
 Most active ShFE aluminium                  14410
 Three month LME zinc                       2362.5
 Most active ShFE zinc                       19265
 Three month LME lead                       2100.5
 Most active ShFE lead                       17370
 Three month LME nickel                      18145
 Most active ShFE nickel                    143970
 Three month LME tin                         17335
 Most active ShFE tin                       139840
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER             LMESHFCUc3      620.4
 LME/SHFE ALUMINIUM          LMESHFALc3     -276.4
                                         
 LME/SHFE ZINC               LMESHFZNc3      41.93
 LME/SHFE LEAD               LMESHFPBc3    -297.38
 LME/SHFE NICKEL             LMESHFNIc3   -4885.68
                                         
 

    ($1 = 7.1160 Chinese yuan)

 (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips and
Subhranshu Sahu)
  
 
 
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