November 14, 2018 / 3:53 AM / a month ago

METALS-Copper edges down as China loan growth disappoints investors

 (Adds China data, quotes, details)
    By Mai Nguyen
    SINGAPORE, Nov 14 (Reuters) - London three-month copper
prices edged down on Wednesday as disappointing Chinese credit
growth capped gains on optimism over U.S.-China trade talks and
Chinese investment growth.
    China's industrial output and investment growth beat
forecasts, suggesting a flurry of support measures may be
starting to take hold, but other indicators pointed to continued
pressure on the economy.             
    Retail sales slowed more than expected, while growth in
October real estate investment eased to a 10-month low and home
sales fell again as developers held back expansion plans in the
face of softening demand.
    "There's a slight improvement in investment that showed the
government's physical support as they have promised, but ...
it's not satisfactory because the loan growth number is very
disappointing," said analyst Helen Lau of Argonaut Securities.
    Loan growth in top copper consumer China 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.             
    * COPPER: Three-month copper on the London Metal Exchange
        was down 0.2 percent at $6,060.5 a tonne, as of 0334
GMT, while Shanghai's most-traded copper futures contract
         edged up 0.1 percent to 48,950 yuan ($7,044.99) a
tonne.
    * U.S.-CHINA TRADE: U.S. President Donald Trump's top
economic adviser Larry Kudlow said on Tuesday that "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.             
    "It's a mixed bag (of positive and negative news), that's
why commodities prices are not moving much," Lau said.    
    * CHALCO/YUNNAN METALLURGICAL: 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.
                
    * CHINA ALUMINIUM OUTPUT: China's primary aluminium output
fell for a third straight month in October, as low aluminium
prices prompted smelters to cut production even before
government-mandated winter restrictions kick in.             
    * GLOBAL MARKETS: Oil prices struggled for traction on
Wednesday after sinking on worries about weakening world demand
and oversupply, while global shares sagged with slowing growth
concerns overshadowing potential positives such as Brexit
progress.             
        
           
    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 = 6.9482 Chinese yuan)

    
 (Reporting by Mai Nguyen, 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