December 3, 2019 / 2:08 AM / 7 days ago

METALS-Copper eases as China data fails to calm investor nerves

    SINGAPORE, Dec 3 (Reuters) - London copper prices slid on
Tuesday, with most industrial metals coming under pressure, as
manufacturing data from China failed to assuage lingering doubts
of an economic slowdown.
    
    FUNDAMENTALS
    * Three-month copper on the London Metal Exchange        
was down 0.4% at $5,862 a tonne, as of 0125 GMT, and the
most-traded copper contract on the Shanghai Futures Exchange
         gave up 0.3% to 47,100 yuan ($6,691.39) a tonne.
    * China's factory activity showed surprising signs of
improvement in November, with growth picking up to a near
three-year high, a private sector survey showed on Monday,
reinforcing upbeat government data released over the weekend.
            
    * Analysts, however, remain concerned about deflationary
risks in the sector, unconvinced that the worst is over yet for
Chinese manufacturers. They say the sub-indexes of both surveys
painted a picture of patchy recovery that will be difficult to
sustain.
    * Investors in commodity and financial markets are expecting
a U.S.-China trade deal to help drive economic growth.
    * A senior adviser to U.S. President Donald Trump said on
Monday an agreement was still possible before the end of the
year, adding that the first phase of the deal was being put to
paper.
    * Trump ambushed Brazil and Argentina on Monday, announcing
tariffs on U.S. steel and aluminum imports from the two
countries in a measure that shocked South American officials and
left them scrambling for answers.             
    * Trump's tariff threat overshadowed encouraging data on
China and euro zone economies. 
    * Norsk Hydro         , one of the world's biggest aluminium
producers, plans to cut production by 20% at its majority-owned
Slovalco plant in Slovakia, citing a weakening market.
nL8N28C1YO
    * The weak aluminium market has led to rising inventories.
On-warrant LME stocks MALSTX-TOTAL, material not earmarked for
delivery, reached 1,114,650 tonnes, the highest since Feb. 22,
data showed.
    * China's Shanghai International Energy Exchange (INE) is
preparing to launch a copper futures contract within the next
year that will be open to domestic and foreign investors,
according to two sources familiar with the plans.             
    * For the top stories in metals and other news, click       
          or             
        
    MARKETS NEWS    
    *  Asian shares skidded on Tuesday after U.S. President
Donald Trump stunned markets with tariffs against Brazil and
Argentina, recharging fears about global trade tensions, while
weak U.S. factory data added to the investor gloom.
               
        
    DATA/EVENTS (GMT)
0030  Australia  Current Account Balance   Q3
0030  Australia  Net Exports Contribution  Q3
0330  Australia  RBA Cash Rate             Dec
1100  Brazil     GDP YY, QQ                Q3    
    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 = 7.0389 Chinese yuan)

 (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)
  
 
 
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below