July 6, 2018 / 2:38 AM / 17 days ago

METALS-Copper set for worst week since 2015 as clock ticks on tariffs

    BEIJING, July 6 (Reuters) - London copper traded lower for a
fifth session on Friday, hours before the United States imposes
tariffs on $34 billion worth of goods from China, which has
vowed to respond in a trade row that is expected to way on
demand for industrial metals.
    Copper, seen as a bellwether for economic health, struck a
fresh 11-month low in London, where it is down 4.9 percent so
far this week, putting it on track for its steepest weekly drop
since the week ending Nov. 20, 2015. 
    
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange slipped as much as 0.8 percent to $6,295 a
tonne, its lowest since July 28, 2017. It has fallen for nine of
the last 10 sessions.
    * SHFE COPPER: The most-traded August copper contract on the
Shanghai Futures Exchange fell as much as 1.2 percent
to 49,010 yuan a tonne, the lowest since July 21, 2017. It is
down 4.6 percent for the week, which would be its worst since
September 2015.
    * ESCONDIDA: Negotiations between workers and BHP Billiton
Plc, at the Escondida copper mine in Chile, the
world's largest, are "far from reaching agreement" with less
than three weeks to go before the negotiation deadline, a union
official told Reuters on Thursday. {nL1N1U201Y]
    * TARIFFS: President Donald Trump said on Thursday the
United States may ultimately impose tariffs on more than a
half-trillion dollars' worth of Chinese goods as the world's two
largest economies hurtled toward the start of a trade war.
{nL4N1U11GF]
    * ZINC: Zinc fell 0.6 percent in Shanghai and
London, where it hit a one-year low on Thursday amid
rising supply. The metal is set for a drop of 5.6 percent in
Shanghai and 5.9 percent in London this week, which would be its
steepest weekly falls since December 2016 and April 2016,
respectively.    
      
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian share markets were set for a bumpy ride on Friday
just hours ahead of a U.S. deadline to impose tariffs on Chinese
imports, which has rattled financial markets in recent weeks as
investors fear it could trigger a full-blown global trade war.  
     
        
    DATA AHEAD (GMT)
    0600  Germany     Industrial output May
    0645  France       Trade balance May
    1230  U.S.      Nonfarm payrolls Jun
    1230  U.S.        Unemployment rate Jun
    1230  U.S.      International trade May        
        
    PRICES        
 BASE METALS PRICES                        0229 GMT
 Three month LME copper                        6301
 Most active ShFE copper                      49040
 Three month LME aluminium                     2088
 Most active ShFE aluminium                   14000
 Three month LME zinc                          2686
 Most active ShFE zinc                        21885
 Three month LME lead                        2344.5
 Most active ShFE lead                        19550
 Three month LME nickel                       13990
 Most active ShFE nickel                     110880
 Three month LME tin                          19355
 Most active ShFE tin                        142170
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     266.99
 LME/SHFE ALUMINIUM           LMESHFALc3   -2111.96
 LME/SHFE ZINC                LMESHFZNc3     440.03
 LME/SHFE LEAD                LMESHFPBc3    -133.28
 LME/SHFE NICKEL              LMESHFNIc3     569.17
 

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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