December 26, 2018 / 2:16 AM / 6 months ago

METALS-Shanghai copper recovers from 2 days of fall, growth woes cap gains

SINGAPORE, Dec 26 (Reuters) - Chinese copper prices edged higher on Wednesday after the market recovered after two days of declines but gains were capped by concerns over slowing global economic growth.

Investors are fretting the global economy is slowing just as monetary conditions are tightening, with political instability in the United States leaving open the possibility of a prolonged government shutdown.

FUNDAMENTALS

* The most-traded copper contract on the Shanghai Futures Exchange added 0.3 percent to 48,040 yuan ($6,977.89) a tonne by 0157 GMT.

* Asian equities were shaky on Wednesday following the plunge in Wall Street on Christmas eve in the face of a series of unnerving U.S. political developments, including a U.S. federal government shutdown and President Donald Trump’s increasingly hostile stance towards the Federal Reserve chairman.

* China will not resort to “flood-like” stimulus in monetary policy next year, although it will consider more cuts as needed to reserves held at commercial banks, local media quoted a central bank adviser as saying in a report on Tuesday.

* China plans to remove import and export tariffs in 2019 on a range of goods, including import taxes on alternative meals used in animal feed, to secure supplies of raw materials amid trade tensions with the United States and boosting outbound cargoes.

* China will adopt more efficient and targeted measures during its campaign against pollution next year, but will not relax the targets or ease the crackdown on violators, the environment ministry said in a statement on Monday night.

* Anglo-Australian miner Rio Tinto is preparing to take its Iron Ore Company of Canada business public in the first half of 2019 by dual-listing it in New York and Toronto, people familiar with the situation told Reuters.

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

MARKETS NEWS

* Global stock markets were heading into the year-end under a heavy cloud after another rout this week as U.S. political uncertainty added to heightened concerns over slowing global economic momentum.

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 = 6.8846 Chinese yuan)

Reporting by Naveen Thukral; Editing by Rashmi Aich

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