August 29, 2018 / 1:41 AM / 3 months ago

METALS-London copper slips as dollar edges off four-week low

MANILA, Aug 29 (Reuters) - London copper drifted lower on Wednesday as the dollar recovered from a four-week trough and investors exercised caution with no resolution in sight for an escalating U.S.-China trade dispute.

Three-month copper on the London Metal Exchange was down 0.4 percent at $6,124 a tonne by 0131 GMT, retreating from a two-week peak of $6,167 reached on Tuesday.

On the Shanghai Futures Echange, the most-traded October copper rose 0.6 percent to 48,920 yuan ($7,117) a tonne, tracking overnight gains in London.

* DOLLAR: The dollar inched higher after touching a four-week low overnight as optimism over the U.S.-Mexico trade deal gave way to caution ahead of an upcoming deadline in the China-U.S. trade dispute. A firmer greenback makes dollar-denominated assets costlier for holders of other currencies.

* NAFTA TALKS: Canada’s top trade negotiator praised Mexico’s trade concessions on autos and labor rights as she rejoined NAFTA talks, while U.S. lawmakers warned that a bilateral U.S.-Mexico trade deal would struggle to win approval in Congress.

* U.S.-CHINA: The deadline for public comment on U.S. President Donald Trump’s plan to impose 25 percent tariffs on another $200 billion of Chinese goods will be on Sept. 5.

* CHINA ALUMINA: China is shipping unusually high volumes of alumina for a second time this year to an international market desperate for the ingredient used to make aluminium, traders and analysts said, even as domestic prices rise and put pressure on smelters.

* JIANGXI COPPER: Jiangxi Copper Co , one of China’s biggest copper producers, said its first-half net profit rose 53.9 percent, buoyed by stronger copper prices.

DATA AHEAD (GMT)

0600 Germany GfK consumer sentiment Sep

0645 France Consumer spending Jul

0645 France Detailed GDP Q2

1230 U.S. GDP 2nd estimate Q2

1400 U.S. Pending homes sales Jul

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 = 6.8740 Chinese yuan)

Reporting by Manolo Serapio Jr.; editing by Richard Pullin

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