November 14, 2018 / 2:08 AM / a month ago

METALS-Copper eases following disappointing China loan growth data

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.

FUNDAMENTALS

* 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.

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

MARKETS NEWS

* 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.

DATA/EVENT AHEAD (GMT)

0200 China Industrial output Oct

0200 China Retail sales Oct

0200 China Urban investment Oct

0700 Germany GDP flash Q3

0745 France Consumer prices Oct

0930 UK Consumer prices Oct

1000 Euro zone GDP flash Q3

1000 Euro zone Employment flash Q3

1000 Euro zone Industrial production Sep

1330 U.S. Consumer prices Oct

2300 Federal Reserve Chairman Jerome Powell participates in

Federal Reserve Bank of Dallas Global Perspective

Speaker Series

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 = 6.9519 Chinese yuan)

Reporting by Mai Nguyen; editing by Richard Pullin

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