September 14, 2018 / 1:15 AM / 5 days ago

METALS-London copper slips, but headed for weekly gain as trade talks eyed

MANILA, Sept 14 (Reuters) - London copper edged lower on Friday, pulling back from a two-week high reached in the prior session, as investors exercised caution ahead of possible trade talks between the United States and China to resolve an escalating tariff war.

China will not buckle to U.S. demands in any trade negotiations, the major state-run China Daily newspaper said in an editorial on Friday, after Chinese officials welcomed an invitation from Washington for a new round of talks.

Investors were also eyeing a slew of Chinese data due out this morning for trading cues, including industrial output and retail sales.

Three-month copper on the London Metal Exchange was down 0.3 percent at $6,015 a tonne by 0101 GMT. The industrial metal has gained 1.4 percent so far this week, having hit a two-week top of $6,074 on Thursday.

The most-traded November copper contract on the Shanghai Futures Exchange rose 0.7 percent to 48,560 yuan a tonne.

* TRADE TALKS: China and the United States are set to return to the table with the threat of new U.S. tariffs looming after Treasury Secretary Steven Mnuchin extended the invitation to counterparts in Beijing. The official China Daily said that while China was “serious” about resolving the stand-off through talks, it would not be rolled over, despite concerns over a slowing economy and a falling stock market at home.

* DOLLAR: The dollar sagged after weaker-than-expected U.S. inflation data further burdened a currency already weighed down by signs of reduced trade tensions between the United States and China.

* LITHIUM: Chilean lithium miner SQM objected to the terms of a deal drawn up between the country’s anti-trust regulator and the Chinese miner Tianqi which hopes to buy almost a quarter of SQM.

* LUNDIN MINING: Canada’s Lundin Mining Corp is on the hunt for copper mines and projects and willing to spend up to $3 billion on mergers and acquisitions, its incoming chief executive officer said.

* OTHER METALS: LME aluminium slipped 0.6 percent to $2,052.50 a tonne and zinc was steady at $2,359.50.

DATA AHEAD (GMT)

0200 China Industrial output Aug

0200 China Retail sales Aug

0200 China Urban investment Aug

0900 Euro zone Eurostat trade Jul

1230 U.S. Import prices Aug

1230 U.S. Export prices Aug

1230 U.S. Retail sales Aug

1315 U.S. Industrial output Aug

1400 U.S. Business inventories Jul

1400 U.S. Univ of Michigan sentiment index Sep

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

Reporting by Manolo Serapio Jr.; editing by Richard Pullin

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