August 17, 2018 / 7:17 AM / 3 months ago

METALS-Copper down 1 pct, faces biggest weekly loss since early July

 (Updates prices)
    By Naveen Thukral
    SINGAPORE, Aug 17 (Reuters) - London copper slid 1 percent
on Friday, declining for a fifth session in six and set for its
biggest weekly decline since early July, as concerns eased about
supply disruptions.
    
    COPPER: The benchmark copper on the LME         was down 1
percent at $5,880.50 a tonne, as of 0705 GMT, while the
most-traded contract on the Shanghai Futures Exchange         
finished 10 yuan lower at 47,700 yuan ($6,925.29) a tonne.
    WEEKLY MOVE: LME copper has lost more than 5 percent so far
this week, and is poised for its biggest weekly decline since
the beginning of July. 
    EASING SUPPLY RISK: Copper prices could face pressure as
concerns ease over supplies from the world's biggest mine. The
first workers to review a proposed labour pact at the world's
largest copper mine, Chile's Escondida, are in favour of signing
the new contract, union spokesman Carlos Allende said on
Thursday.             
    "The risk of strikes in Chile appears to be abating;
Caserones copper mine is to sign a labour contract with union
leaders with workers voting in favour of latest proposal,"
brokers Marex Spectron said. 
    "Meanwhile, the union for workers at Escondida indicates
that the latest offer from BHP has been well received."
    INFRASTRUCTURE SPENDING: China almost quadrupled the value
of fixed-asset investment projects approved in July from the
previous month as Beijing looks to accelerate infrastructure
spending to stabilize the cooling economy.
    RALLY: Copper jumped more than 2 percent on Thursday, 
triggered by reports of Washington-Beijing trade talks and a
recovery in Turkey's currency.
    TRADE 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.             
    GROWTH FEARS: China is the world's biggest metals consumer
and a trade war between Washington and Beijing had raised
concerns about global economic growth.
    DOLLAR: The dollar stepped back from 13-1/2-month highs
against other major currencies on Friday as talks next week
between China and the United States offered some hope that the
world's two largest economies will find a way to head off a
full-blown trade war.        
    
    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 = 6.8878 Chinese yuan)

    
 (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips
and Subhranshu Sahu)
  
 
 
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