July 20, 2018 / 2:21 AM / a year ago

METALS-Copper hovers near one-year low on trade tensions

    BEIJING, July 20 (Reuters) - London copper prices hovered
above $6,000 a tonne in early trade on Friday, having touched a
one-year low in the previous session on concerns that a trade
row between China and the United States will weaken demand for
industrial metals.
    The metal is on course for a 3.4 percent weekly drop in
London this week. 
    * LME COPPER: Three-month copper on the London Metal
Exchange slipped 0.8 percent to $6,018 a tonne by 0153
GMT, after hitting $5,988 a tonne on Thursday, its lowest since
July 2017, and ending down 1.4 percent. 
    * SHFE COPPER: The most-traded September copper contract on
the Shanghai Futures Exchange fell by 0.9 percent to
48,230 yuan ($7,086) a tonne and was heading for a gentler 1.2
percent dip this week.
    * CHILE: A union representing workers at Lumina Copper's
Caserones mine in Chile said on Thursday that contract
negotiations with the company had failed, paving the way for a
potential strike.
    * REUTERS POLL: Nickel, the top performing industrial metal
this year, is expected to recover recent losses in the second
half of the year, a Reuters poll showed. 
    * CHINA: Chinese policymakers are pumping more liquidity
into the financial system and channelling credit to small and
medium-sized firms, and Beijing looks set to further loosen
monetary conditions to mitigate threats to growth from a heated
Sino-U.S. trade war.
    * ANGLO: Major diversified miner Anglo American on
Thursday reported a 6 percent year-on-year increase in output in
the second quarter, driven by copper and coking coal, and
revised upwards its platinum guidance.
    * TESLA: Panasonic Corp said it was unable to
determine how much of the cobalt used in batteries it makes for
Tesla cars comes from Cuba, a country subject to U.S. sanctions,
and that it had suspended relations with a Canadian supplier as
a result of its concerns.
    * For the top stories in metals and other news, click       
    * Asian stocks eked out modest gains on Friday as investor
caution prevailed amid concerns about the European Union
imposing retaliatory tariffs on U.S. goods while U.S. President
Donald Trump's criticism of Federal Reserve policy knocked the
 BASE METALS PRICES                           0147 GMT
 Three month LME copper                          6007.5
 Most active ShFE copper                          48220
 Three month LME aluminium                         2006
 Most active ShFE aluminium                       14030
 Three month LME zinc                              2536
 Most active ShFE zinc                            21140
 Three month LME lead                            2117.5
 Most active ShFE lead                            18830
 Three month LME nickel                           13320
 Most active ShFE nickel                         108950
 Three month LME tin                              19400
 Most active ShFE tin                            145130
 BASE METALS ARBITRAGE                        
 LME/SHFE COPPER                 LMESHFCUc3      769.37
 LME/SHFE ALUMINIUM              LMESHFALc3    -1737.37
 LME/SHFE ZINC                   LMESHFZNc3      593.94
 LME/SHFE LEAD                   LMESHFPBc3      592.57
 LME/SHFE NICKEL                 LMESHFNIc3     2404.17
 ($1 = 6.8066 Chinese yuan renminbi)

 (Reporting by Tom Daly; editing by Richard Pullin)
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