(Updates prices, recasts)
By Mai Nguyen
SINGAPORE, May 13 (Reuters) - Prices of lead and other industrial metals fell on Monday, pressured by concerns over the outlook for the global economy and metals demand as Washington and Beijing struggled to salvage a deal to end a bitter trade war.
Benchmark lead in London fell as much as 0.9% to $1,805 a tonne, its lowest since August 9, 2016, while Shanghai lead dropped to as low as 15,940 yuan ($2,322.23) a tonne, its lowest since August last year.
The trade conflict between the world’s top two economies escalated on Friday, with the United States hiking tariffs on $200 billion worth of Chinese goods after President Donald Trump said Beijing “broke the deal” by reneging on earlier commitments made during months of negotiations.
White House economic adviser Larry Kudlow told the “Fox News Sunday” programme that the sticking point was China’s reluctance to put into law changes that had been agreed upon, while Beijing remained defiant.
* COPPER PRICES: Copper prices on the London Metal Exchange (LME) had dropped 0.8% to $6,075.50 a tonne by 0719 GMT, while the most-traded copper contract on the Shanghai Futures Exchange (ShFE) declined 0.2% to 47,660 yuan a tonne.
* COPPER SMELTERs MAINTENANCE: Meanwhile, copper prices could gain some support from falling output in China as some smelters there are scheduled to go into maintenance in May, said copper analyst He Tianyu of metal consultants CRU.
* “Prices should be higher in the coming days, but the macro-economy will likely have a bigger impact on the market,” He said, referring to the ongoing U.S.-China trade talks.
* ANTOFAGASTA: Copper prices would be 5% to 15% higher without the U.S.-China trade war, the chairman for Chile’s Antofagasta Plc told a Chilean newspaper on Sunday.
* COPPER STOCKS: Copper stocks in warehouses tracked by the ShFE CU-STX-SGH dropped to a 3-1/2-month low on Friday, while copper inventories in LME-approved warehouses fell to a 2-week low on May 9, the latest data showed.
* OTHER PRICES: London aluminium fell 0.2%, nickel was down 0.7% and zinc decreased 0.8%. Shanghai aluminium rose 0.9% and nickel increased 0.6%, while zinc eased 0.4%.
* CHINA CARS: Vehicles sales in China, the world’s top auto market, fell 14.6% in April annually, marking the 10th consecutive month of decline against a backdrop of slowing economic growth and crippling trade war with the United States.
* COLUMN: Differing outlooks will reinforce zinc and lead divergence: Andy Home.
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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 = 6.8641 Chinese yuan renminbi)
Reporting by Mai Nguyen; Editing by Joseph Radford and Rashmi Aich