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Metals Headlines

METALS-Copper posts biggest weekly fall since early July

Copper inched lower on Friday, posting its largest weekly fall since early July as strikes, including at the world's largest mine, seemed mostly resolved but a weaker dollar provided some support. Benchmark copper ended 0.2 percent lower at $5,927 per tonne and down more than 4 percent on the week. The metal used in power and construction has ended the last three weeks on the back foot. The first workers to review a proposed labour pact at Chile's Escondida are in favour of signing the new contract, a union spokesman said on Thursday, following news that a strike was on hold at the mine. Meanwhile, the main union at Chile's Caserones copper mine said its members had approved management's labour contract offer by a wide margin, pending a final revision of the document. "The copper price eased on the back of Escondida looking like it's fully negotiated a contract," said ETF Securities analyst Nitesh Shah. ING BANK: "These successful negotiations have certainly not helped the copper market, at a time when broader macro concerns have weighed heavily on the metal," analysts at the bank said. TRADE: U.S. President Donald Trump has rattled the world trade order by seeking to renegotiate the terms of some of the United States' trading relationships to combat what he calls unfair trade practices by China, Europe and other countries. The moves have sparked a bitter tit-for-tat trade dispute with several countries and fears that metal demand could suffer. "We need to see some more substantial turnaround in the global trade war story and also for the dollar for copper to make a rebound," said Danske Bank analyst Jens Perdersen. TALKS: China and the United States will hold lower-level trade talks this month, the two governments said on Thursday, offering hope that they might resolve an escalating tariff war that threatens to engulf all trade between the world's two largest economies. But analysts now fear prices have fallen too low. "Barring additional negative shocks in the global economy, we think copper is oversold at this point," Goldman Sachs said in a note this week. DOLLAR: The greenback , in which copper and other commodities are priced, weakened against a basket of its peers on Friday but still hovered near 13-1/2-month highs. PRICES: Aluminium fell 0.9 percent to $2,030 and zinc slipped 0.1 percent to $2,389, lead ended 2.54 percent lower at $1,988, tin added 0.5 percent to $18,705, while nickel rose 1.2 percent to $13,480. (Additional reporting by Naveen Thukral; Editing by Elaine Hardcastle and Kirsten Donovan)

Trump says Turkey has acted badly in Brunson case

U.S. President Donald Trump on Friday said the United States was not going to take Turkey's detention of U.S. Christian pastor Andrew Brunson "sitting down," a day after his Treasury chief said Washington could hit Ankara with further sanctions.