SINGAPORE, Nov 14 (Reuters) - London three-month copper prices edged down on Wednesday as disappointing Chinese credit growth capped a short rally on optimism over U.S.-China trade talks.
U.S. President Donald Trump’s top economic adviser Larry Kudlow said on Tuesday that the United States welcomed the resumption of talks with China on trade.
Kudlow said “it’s pretty clear now” that Trump will meet with Chinese President Xi Jinping at the Group of 20 industrialized nations meeting in Argentina later this month.
The news supported base metals prices in the previous session, but “the rally was not sustained after China financial data came in below expectations,” said Dee Perera of Marex Spectron in a note on Wednesday.
* Three-month copper on the London Metal Exchange fell 0.2 percent to $6,060 a tonne by 0139 GMT, while the most-traded copper contract on the Shanghai Futures Exchange edged up 0.1 percent to 48,960 yuan ($7,042.68) a tonne.
* China’s credit growth slowed sharply in October, despite pressure by regulators on banks to help keep cash-starved companies afloat, pointing to further weakening in the economy in coming months.
* Chalco’s copper unit Aluminum Corp Of China said it has received a 51 percent stake in Yunnan Metallurgical Group from state-owned Assets Supervision and Administration Commission of Yunnan.
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* Asian shares edged lower as investors fretted about slowing global growth with crude oil prices sinking on worries about weakening world demand and oversupply, while the euro and sterling climbed higher on confidence of a Brexit deal.
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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 = 6.9519 Chinese yuan)
Reporting by Mai Nguyen; editing by Richard Pullin