November 8, 2019 / 5:26 AM / 14 days ago

METALS-LME copper eases on mixed trade signals, tepid China data

 (Updates prices)
    By Mai Nguyen
    SINGAPORE, Nov 8 (Reuters) - London copper prices edged down
on Friday as tepid China data raised concerns of weak demand for
the metal, while mixed signals from the U.S.-China trade scene
sparked worries over the prospects of sealing a deal.
    Benchmark three-month copper on the London Metal Exchange
(LME)         was down 0.3% at $5,959 a tonne, as of 0818 GMT,
after hitting its highest in more than three months on Thursday.
    The most-traded copper contract on the Shanghai Futures
Exchange (ShFE)          closed up 0.2% to 47,340 yuan
($6,780.58) a tonne, having eased from stronger gains earlier in
the Asian trading hours.
    Beijing and Washington have agreed to roll back tariffs on
each others' goods if a "phase one" trade deal is completed,
officials from both sides said on Thursday.             
    However, the excitement soon subsided after White House
trade adviser Peter Navarro said there was no agreement to
remove any of the existing tariffs as a condition of a phase one
deal.
    "While the United States and China have announced that they
are on the cusp of signing a 'phase one' trade deal, structural
disagreements are likely to persist," Fitch Solutions said in a
report.
    "This will not only undercut scope for a 'phase two'
agreement, but also increase the risk of a re-acceleration of
trade tensions in the coming quarters," they added.
    Concerns of a drop in copper demand also weighed on prices,
after top consumer China reported weak imports of the metal.
    "The market is not good," said CRU analyst He Tianyu, adding
that demand for copper from China this year had been increasing
but at a slower rate than in 2018, due to weak consumption in
the automotive and air conditioning sectors.
    
    FUNDAMENTALS
    * CHINA IMPORTS: China's copper imports fell 3.1% in October
from the previous month, customs data showed, as a cooling
manufacturing sector in the country kept demand subdued, while
aluminium exports slipped to an eight-month low.             
    * CODELCO COPPER: Chile's Codelco, the world's top copper
producer, boosted output by 7.5% in September to 145,300 tonnes,
Chilean copper commission Cochilco said on Thursday, though its
total production for the year continued to lag.             
    * INDONESIA NICKEL: Indonesia has allowed some nickel ore
exporters to resume shipments following a temporary halt to
investigate reports of violations, a senior official said.
            
    * SHANGHAI STOCKS: ShFE nickel stocks SNI-TOTAL-W climbed
12% from a week earlier to 30,831 tonnes, their highest since
the week ended June 1, 2018, while lead stocks PB-STX-SGG
jumped 34.7% in the same period to a 10-week high.             
    * ALUMINIUM: Shanghai aluminium prices          climbed as
high as 14,120 yuan a tonne, a level unseen since Sept. 25, as
stocks in the warehouses tracked by ShFE AL-SGH-STX were at
their lowest since March 2017 at 278,736 tonnes.
    * OTHER PRICES: LME nickel         rose 0.1% to $16,215 a
tonne and lead         fell 0.9% to $2,093.50 a tonne. ShFE
nickel          decreased 0.4% to 130,570 yuan a tonne while
lead          eased 0.2% to 16,100 yuan a tonne.
    * For the top stories in metals and other news, click       
          or             
        
    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 = 6.9817 Chinese yuan renminbi)

 (Reporting by Mai Nguyen; Editing by Uttaresh.V and Sherry
Jacob-Phillips)
  
 
 
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