May 24, 2018 / 2:13 AM / 3 months ago

METALS-Copper falls for 2nd day as Trump casts more doubt on trade deal

    BEIJING, May 24 (Reuters) - Copper prices on the London
Metal Exchange (LME) slipped for a second session on Thursday,
after U.S. President Donald Trump said any trade deal with top
metals consumer China would "need a different structure".

    Copper had rallied at the start of the week after U.S.
Treasury Secretary Steven Mnuchin said the prospect of a
U.S.-China trade war was "on hold".     
    
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the LME had
fallen 0.3 percent to $6,846 a tonne by 0147 GMT, extending a
1.6-percent drop from the previous session.
    * SHFE COPPER: The most-traded July copper contract on the
Shanghai Futures Exchange dropped by 1 percent to
51,340 yuan ($8,032.29) a tonne, snapping a five-day winning
streak.
    * GRASBERG: Global miner Rio Tinto Ltd confirmed on
Wednesday that it was in discussions to sell its interest in the
world's second largest copper mine to Indonesia's state mining
holding company Inalum.
    * INDIA: One person died and others were wounded by gunfire
in southern India on Wednesday in fresh violence related to
protesters' demands that a copper smelter be shut on
environmental grounds.
    * RUSAL: United Company Rusal resumed shipping
aluminium to some customers last week following an extension of
the deadline for companies to wind down contracts with the
Russian firm under U.S. sanctions, sources said.
    Meanwhile, the CEO of Russia's VTB Bank, Andrey
Kostin, said on Wednesday the bank was ready to give aluminium
producer Rusal more time to make repayments on its loans, TASS
news agency reported.
    
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    MARKETS NEWS    
    * Asian shares moved lower on Thursday as investors fretted
about the possible new setbacks in U.S.-China trade talks, but
negative sentiment was tempered by U.S. Federal Reserve meeting
minutes suggesting it would not raise the tempo at which it
increases interest rates.    
        
    DATA AHEAD (GMT)
    0600  Germany     Detailed GDP Q1
    0600  Germany     GfK consumer sentiment Jun
    0645  France    Business climate May
    1130  European Central Bank releases April meeting minutes
    1230  U.S.    Weekly jobless claims
    1300  U.S.    Monthly home price index Mar
    1400  U.S.      Existing home sales Apr           
    PRICES        
 BASE METALS PRICES                       0153 GMT
 Three month LME copper                       6850
 Most active ShFE copper                     51340
 Three month LME aluminium                  2272.5
 Most active ShFE aluminium                  14650
 Three month LME zinc                       3020.5
 Most active ShFE zinc                       23415
 Three month LME lead                         2480
 Most active ShFE lead                       20475
 Three month LME nickel                      14585
 Most active ShFE nickel                    107920
 Three month LME tin                         20585
 Most active ShFE tin                       147350
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER             LMESHFCUc3     344.62
 LME/SHFE ALUMINIUM          LMESHFALc3      -2243
 LME/SHFE ZINC               LMESHFZNc3     459.37
 LME/SHFE LEAD               LMESHFPBc3     310.76
 LME/SHFE NICKEL             LMESHFNIc3    -2573.2
 

($1 = 6.3917 Chinese yuan renminbi)

    
 (Reporting by Tom Daly
Editing by Joseph Radford)
  
 
 
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