July 16, 2019 / 2:42 AM / a month ago

METALS-Copper takes a breather after touching 2 wk-high

SINGAPORE, July 16 (Reuters) - Copper prices took a break from a strong rally on Tuesday after positive industrial output and investment data from top consumer China sent prices to a two-week high in the previous session.

Three-month copper on the London Metal Exchange was almost unchanged at $5,985.50 a tonne by 0229 GMT, while the most-traded copper contract on the Shanghai Futures Exchange advanced 0.3% to 46,930 yuan ($6,827.17) a tonne.

Better-than-expected industrial output and fixed asset investment data from China released on Monday sent prices of most base metals higher, with copper touching its highest since July 1.

FUNDAMENTALS

* London aluminium dipped 0.1%, nickel was down 0.1% and zinc fell 0.6%. In Shanghai, aluminium rose 0.1%, nickel climbed 1.7% while zinc eased 0.2%.

* Protesters blocked a portion of Peru’s main coastal highway on Monday in the start of a new challenge to Southern Copper Corp’s $1.4 billion Tia Maria copper mine project that has been a lightning rod for conflict.

* Rio Tinto on Tuesday flagged a cost blowout of up to $1.9 billion and a delay of up to 30 months at its Oyu Tolgoi underground copper mine in Mongolia, the miner’s key growth project.

* U.S. President Donald Trump on Monday seized on slowing economic growth in China as evidence that U.S. tariffs were having “a major effect” and warned that Washington could pile on more pressure as bilateral trade talks sputtered along.

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

MARKETS NEWS

* Asian shares inched up as traders awaited U.S. retail sales data and more corporate earnings to gauge the health of the world’s biggest economy, with markets remaining focused on a likely U.S. rate cut by the end of the month.

DATA/EVENTS (GMT)

0830 UK Claimant Count Unemployment Chng June

0830 UK ILO Unemployment Rate May

0900 Germany ZEW Economic Sentiment July

0900 Germany ZEW Current Conditions July

1230 US Retail Sales MM June

1315 US Industrial Production MM June

1700 France Fed Chair Jerome Powell speak at conference

“Bretton Woods: 75 years later”

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

ARBS ($1 = 6.8740 Chinese yuan renminbi)

Reporting by Mai Nguyen; editing by Richard Pullin

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