December 18, 2018 / 4:28 AM / in 2 months

METALS-Copper slips on growth fears, signs of rising supply

 (Adds Shanghai closing prices, updates London prices)
    MELBOURNE/BEIJING, Dec 18 (Reuters) - London copper prices
fell for a third straight session on Tuesday as concerns that
global trade ructions would cool economic growth were compounded
by signs of rising supply, but low inventory levels limited
losses.  
    Growth concerns have been weighing on the industrial metals
sector, including copper, ANZ analysts wrote in a note, adding
that prices had been knocked by news that Vedanta Ltd
was closer to being allowed to restart its 400,000 tonnes per
year copper smelter in India.    
    "The market is focused on an upcoming economic policy
meeting in China, with expectations of further stimulus to
domestic growth," the bank added, referring to the Central
Economic Work Conference taking place in Beijing. 
    China's refined copper output rose by 7.6 percent year-on-
year to 768,000 tonnes in November, its highest level since
June, according to the National Bureau of Statistics.    
        
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange slipped by 0.3 percent to $6,103.50 a tonne as
of 0709 GMT. The most-traded February contract on the Shanghai
Futures Exchange fell for a fourth day, closing down
0.4 percent at 48,930 yuan ($7,100.36) a tonne.
    * XI SPEECH: Chinese President Xi Jinping called on Tuesday
for the unswerving implementation of reforms on Beijing's terms
but offered no new specific measures in a closely watched speech
marking 40 years of market liberalisation.    
    * TRADE: The United States has welcomed Chinese concessions
since the two declared a trade war truce in early December, but
trade experts and people familiar with negotiations say Beijing
needs to do far more to meet U.S. demands for long-term change
in how China does business.
    * COPPER STOCKS: Offering price support to copper, stocks
MCUSTX-TOTAL on the LME stand at 121,800 tonnes, having last
week dipped below 120,000 to the least in more than a decade.
    * ZINC: The metal used to galvanise steel was the
only gainer in the London base complex amid thin pre-holiday
trade, adding 0.8 percent to $2,560 a tonne. The premium for
cash LME zinc over the three-month price CMZN0-3 bounced back
to $50.50 a tonne on Monday after hitting a two-month low of $26
a tonne on Friday, indicating tightening supply.
    * NICKEL: The global nickel market deficit widened to 19,600
tonnes in October from the previous month's revised deficit of
9,000 tonnes, the International Nickel Study Group (INSG) said.

    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian share markets sank on Tuesday as heightened worries
about a slowing global economy sent Wall Street stocks skidding
to their lowest levels in more than a year.         
  
    PRICES
 BASE METALS PRICES                        0716 GMT
 Three month LME copper                        6102
 Most active ShFE copper                      48910
 Three month LME aluminium                   1936.5
 Most active ShFE aluminium                   13740
 Three month LME zinc                          2554
 Most active ShFE zinc                        21025
 Three month LME lead                        1929.5
 Most active ShFE lead                        18210
 Three month LME nickel                       10985
 Most active ShFE nickel                      90610
 Three month LME tin                          19155
 Most active ShFE tin                        146200
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     134.88
 LME/SHFE ALUMINIUM           LMESHFALc3   -1644.04
 LME/SHFE ZINC                LMESHFZNc3     110.38
 LME/SHFE LEAD                LMESHFPBc3    1648.83
 LME/SHFE NICKEL              LMESHFNIc3    1729.06
 ($1 = 6.8912 Chinese yuan)

    
 (Reporting by Melanie Burton in MELBOURNE and Tom Daly in
BEIJING; Editing by Rashmi Aich and Subhranshu Sahu)
  
 
 
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