October 25, 2018 / 1:38 AM / a month ago

METALS-London copper slips for 3rd day after Wall St rout

    BEIJING, Oct 25 (Reuters) - London copper prices fell for a
third straight session in early Asian trade on Thursday as most
base metals tracked a slump on global equity markets triggered
by a sell-off in tech stocks on Wall Street.
    
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange slipped 0.7 percent to $6,137.50 a tonne by
0115 GMT, after closing down 0.3 percent on Wednesday. 
    * SHFE COPPER: The most-traded December copper contract on
the Shanghai Futures Exchange was also lower for a
third day, falling 1.1 percent to 49,560 yuan ($7,139) a tonne.
    * OTHER METALS: Shanghai nickel fell the furthest,
slumping as much as 2.8 percent to a one-week low of 100,200
yuan a tonne, while lead eked out gains of 0.1 percent in
Shanghai and 0.2 percent in London. 
    * COPPER: Freeport-McMoRan Inc on Wednesday reported
market-beating results as output and grades at its big
Indonesian mine rose, but early share gains turned negative as
investors digested forecasts for the world's biggest public
copper miner. 
    * CHILE: Chile's mining minister said on Wednesday that he
believes the country's Constitutional Court would act swiftly to
resolve a case before it seeking to block Chinese firm Tianqi
Lithium Corp from purchasing a nearly one-quarter
stake in the world's No. 2 lithium miner SQM.
    * RARE EARTH: The Chinese government is limiting domestic
production of rare earth minerals in the second half of the
year, a move likely to crimp international exports and send
prices for the critical materials soaring, according to data
from Adamas Intelligence.
    * COLUMN: COLUMN-Zinc market tightness confounds bearish
expectations: Andy Home
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian shares dived on Thursday as hundreds of billions of
dollars haemorrhaged from global markets after a rout in tech
stocks inflicted the largest daily decline on Wall Street since
2011, wiping out all its gains for the year.    
        
    DATA/EVENT AHEAD (GMT)
    0600  Germany    GfK consumer sentiment Nov
    0800  Germany      Ifo business climate Oct
    1145  European Central Bank announces interest rate decision
    1230  ECB President Mario Draghi holds news briefing
    1230  U.S.    Durable goods Sep
    1230  U.S.         Goods trade balance Sep
    1230  U.S.      Wholesale inventories Sep
    1230  U.S.      Weekly jobless claims
    1400  U.S.      Pending homes sales    Sep        
        
    PRICES        
 BASE METALS PRICES                          0116 GMT
 Three month LME copper                          6128
 Most active ShFE copper                        49510
 Three month LME aluminium                       1995
 Most active ShFE aluminium                     14155
 Three month LME zinc                            2647
 Most active ShFE zinc                          22195
 Three month LME lead                            2009
 Most active ShFE lead                          18170
 Three month LME nickel                         12125
 Most active ShFE nickel                       100520
 Three month LME tin                            19330
 Most active ShFE tin                          147690
                                                     
 BASE METALS ARBITRAGE                               
 LME/SHFE COPPER              LMESHFCUc3       156.68
 LME/SHFE ALUMINIUM           LMESHFALc3     -1929.18
 LME/SHFE ZINC                LMESHFZNc3       240.77
 LME/SHFE LEAD                LMESHFPBc3      1249.72
 LME/SHFE NICKEL              LMESHFNIc3      3127.88
 ($1 = 6.9420 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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