November 20, 2019 / 2:58 AM / 21 days ago

METALS-London copper slips on U.S-China trade deal uncertainty

MANILA, Nov 20 (Reuters) - London copper edged lower on Wednesday amid conflicting signals on the Sino-U.S. trade talks, but Shanghai copper jumped to its highest in more than a week after China’s central bank vowed to step up credit support to prop up the slowing economy.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange was down 0.1% at $5,869.50 a tonne at 0227 GMT.

* The most-traded copper contract on the Shanghai Futures Exchange rose as much as 0.8% to 47,240 yuan ($6,717.57) a tonne, its highest since Nov. 12.

* The United States would raise tariffs on Chinese imports if no deal is reached with Beijing to end the trade war, U.S. President Donald Trump said on Tuesday, threatening an escalation of the spat that has damaged economic growth worldwide.

* Trump said he had a good relationship with China, which he noted was “moving along”, though he added that Beijing would have to make a deal “I like”.

* The U.S. Senate passed legislation aimed at protecting human rights in Hong Kong amid China’s crackdown on a pro-democracy protest movement that has gripped the vital financial centre for months. The move was condemned by Beijing.

* China will step up credit support to the economy and push real lending rates lower, central bank Governor Yi Gang said, as policymakers keep monetary policy accommodative to prop up slowing growth.

* On Wednesday, the central bank cut its new benchmark lending rate for the third time since its debut in August, as widely expected.

* China accounts for nearly half of global copper consumption, estimated at around 24 million tonnes this year.

* Freeport McMoRan Inc expects treatment and refining charges for copper concentrates in 2020 to be “well below” last year’s levels as Chinese smelting capacity is expected to rise, a senior company executive said on Tuesday.

* A plan by Norilsk Nickel, a major nickel and palladium producer, to reduce dividends to fund investments to boost output and cut emissions requires scrutiny as dependable payouts are critical for shareholders, major stakeholder EN+ told Reuters.

* European Union antitrust regulators have opened an in-depth investigation into German copper giant Aurubis’s planned acquisition of Belgian-Spanish recycling firm Metallo Group.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares lumbered lower as the China-U.S. trade talks produced nothing but a stream of conflicting messages, while concerns about a glut of supply saw oil prices suffer their biggest spill in seven weeks.

DATA/EVENTS (GMT)

0700 Germany October Producer Prices

1900 Minutes of Fed’s Oct 29-30 policy meeting

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

$1 = 7.0323 yuan Reporting by Enrico dela Cruz; Editing by Subhranshu Sahu

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