March 18, 2019 / 2:26 AM / 6 months ago

METALS-Most base metals fall after weak U.S. manufacturing data

    BEIJING, March 18 (Reuters) - Most industrial metals fell in
early Asian trade on Monday after weak U.S. manufacturing data
offered further evidence of a slowdown in economic growth early
in the first quarter, while investors waited for clues as to
when the Sino-U.S. trade war will end.
    The South China Morning Post reported on Saturday that a
summit to end the trade row may be pushed back to June.
        
        
    FUNDAMENTALS
    * COPPER: Three-month copper on the London Metal Exchange
 was flat at $6,430 a tonne by 0200 GMT, after closing up
0.4 percent in the previous session. The most-traded May copper
contract on the Shanghai Futures Exchange added 0.6
percent to 49,220 yuan ($7,328.44) a tonne.
    * VEDANTA: Vedanta Ltd on Friday named metals
industry veteran Pankaj Kumar as Sterlite Copper chief
executive, amid struggles to reopen its smelter in southern
India that was shut after police killed 13 demonstrators
protesting against the plant.
    * CHINA: China's refined copper output in January and
February rose by 6.3 percent year-on-year to 1.34 million
tonnes, the National Bureau of Statistics said on Friday. On a
daily basis, output was around 22,712 tonnes, down 16.1 percent
from December.
    * OTHER METALS: London nickel and zinc both
slipped 0.5 percent, while tin was flat and lead
nudged up 0.3 percent. In Shanghai, lead fell further,
dropping 1.6 percent, while zinc dipped 1.1 percent.
    * U.S.: U.S. manufacturing output fell for a second straight
month in February and factory activity in New York state was
weaker than expected.
    * SANCTIONS: Russian tycoon Oleg Deripaska sued the United
States on Friday, alleging that it had overstepped its legal
bounds in imposing sanctions on him and made him the "latest
victim" in the U.S. probe into Moscow's alleged election
interference.
    * VTB: The investment banking unit of Russia's VTB has
expanded its base metals and precious trading divisions with new
hires in Switzerland and China, VTB Capital said in a statement.

    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian share markets crept ahead while bonds were in demand
globally on speculation the U.S. Federal Reserve will sound
decidedly dovish at its policy meeting this week.   
        
    PRICES        
 BASE METALS PRICES                          0203 GMT
 Three month LME copper                        6434.5
 Most active ShFE copper                        49220
 Three month LME aluminium                       1896
 Most active ShFE aluminium                     13580
 Three month LME zinc                            2778
 Most active ShFE zinc                          21565
 Three month LME lead                          2068.5
 Most active ShFE lead                          17030
 Three month LME nickel                         12860
 Most active ShFE nickel                        99930
 Three month LME tin                                0
 Most active ShFE tin                          146600
                                                     
 BASE METALS ARBITRAGE                               
 LME/SHFE COPPER              LMESHFCUc3      -870.04
 LME/SHFE ALUMINIUM           LMESHFALc3        -1072
                                          
 LME/SHFE ZINC                LMESHFZNc3       -566.7
 LME/SHFE LEAD                LMESHFPBc3       369.06
 LME/SHFE NICKEL              LMESHFNIc3      1474.65
                                          
 
($1 = 6.7163 Chinese yuan)

    
 (Reporting by Tom Daly; Editing by Subhranshu Sahu)
  
 
 
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