November 18, 2019 / 2:01 AM / 22 days ago

METALS-Copper eases on slowdown concerns; market eyes U.S.-China trade deal

    SINGAPORE, Nov 18 (Reuters) - London copper prices edged
lower on Monday as concerns over an economic slowdown in top
consumer China weighed on the market, although hopes of a
Sino-U.S. trade deal kept investor optimism afloat, curbing
sharp declines in the metal. 
    
    FUNDAMENTALS
    * Three-month copper on the London Metal Exchange        
was down 0.2% at $5,840 a tonne, as of 0129 GMT, giving up some
of previous session's gains.
    * The most-traded copper contract on the Shanghai Futures
Exchange          was down 0.02% at 46,860 yuan ($6,699.93) a
tonne.
    * China's industrial output grew significantly more slowly
than expected in October, underlining fears of a sharp drop in
demand in the world's largest consumer of metals.             
    * China's central bank is expected to cut a key interest
rate after it extended 200 billion yuan through its medium-term
lending facility on Friday.
    * Positive comments on trade from officials in Washington
and Beijing are expected to provide a floor under the market.
    * On Saturday, Chinese state media said the two sides had
"constructive talks" on trade in a high-level phone call that
included Vice Premier Liu He, U.S. trade representative Robert
Lighthizer and Treasury Secretary Steven Mnuchin.             
    * White House economic adviser Larry Kudlow said on Thursday
the nations are getting close to an agreement, citing what he
called very constructive talks with Beijing about ending a
16-month trade war.             
    * The tariff war has hampered global economic activity and
pushed metals prices sharply lower.
     * China's October refined copper output rose 17.9%
year-on-year to a record high of 868,000 tonnes. Production of
lead, zinc and alumina also advanced.             
    * Japan's Marubeni Corp said aluminium stocks held at three
major Japanese ports at the end of October fell 2.6% to 318,200
tonnes from the previous month. AL-STK-JPPRT             
    * Headline aluminium inventories in LME-registered
warehouses rose by 44,200 tonnes to a little under 1.1 million
tonnes, the highest since June. MALSTX-TOTAL
    * For the top stories in metals and other news, click       
          or             
        
    MARKETS NEWS    
    *  Asian share markets got the week off to a muted start on
Monday as jaded investors awaited real evidence on progress in
the U.S.-China trade dispute, though sentiment found support
from another record close on Wall Street.                
        
    DATA/EVENTS (GMT)
1500   US   NAHB Housing Market Index    Nov    
    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 = 6.9941 Chinese yuan)

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