September 7, 2018 / 1:39 AM / 2 months ago

METALS-Copper faces 2nd week of decline as U.S.-China trade war escalates

SINGAPORE, Sept 7 (Reuters) - LME copper was little changed on Friday, with the market set for a second week of decline on concerns over demand as a trade war between the United States and top industrial metals consumer China intensifies.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange eased 0.1 percent to $5,924 a tonne by 0124 GMT, while the most-traded copper contract on the Shanghai Futures Exchange gained 0.5 percent to 47,820 yuan a tonne.

* For the week, LME copper is down around 0.8 percent while the market in Shanghai has given up 1.5 percent.

* U.S. President Donald Trump has said he is prepared to quickly ramp up a trade war with China and has told aides he is ready to impose tariffs on $200 billion more on Chinese imports as soon as a public comment period on the plan ends.

* China will be forced to retaliate if the United States implements any new tariff measures, China’s commerce ministry warned on Thursday, as the world’s two biggest economies remain locked in an intensifying trade war.

* In news, road access to MMG Ltd’s Las Bambas copper mine in Peru, which was blocked by protesters last week, has been restored and company logistics are operating normally, the company said late on Wednesday.

* Members of the indigenous community Nueva Fuerabamba had occupied a section of the road which passes through their farmland to demand compensation from the company, a community lawyer said last week.

* European customers will avoid deals with Russia’s United Company Rusal, under U.S. sanctions, when the industry meets in Berlin next week to seal 2019 metal supply agreements, three sources familiar with the discussions said.

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

MARKETS NEWS

* Asian shares slipped to a 14-month trough on Friday as investors feared a new round of Sino-U.S. tariffs could come at any moment, while a slump in U.S. chip stocks rippled through the tech sector.

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

Reporting by Naveen Thukral; editing by Richard Pullin

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