SINGAPORE, Oct 8 (Reuters) - Most base metal prices fell on Tuesday as a U.S.-China trade deal looked uncertain following U.S. President Donald Trump’s latest remarks, weighing on demand outlook of industrial metals.
“Can something happen? I guess, maybe. Who knows. But I think it’s probably unlikely,” Trump said, when asked about the chances of progress at this week’s trade talks.
Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, will begin trade talks on Thursday, the first minister-level negotiations in several months.
Base metals prices, except for nickel, have been under pressure on worries about global economic growth and demand for industrial metals as the U.S.-China trade war extended.
Chances of a resolution in the prolonged trade dispute dimmed further after Washington blacklisted Chinese companies over Beijing’s treatment of predominantly Muslim ethnic minorities.
* LME COPPER: Three-month copper on the London Metal Exchange (LME) fell as much as 0.3% to $5,702.50 a tonne earlier in the session, but flipped to rising 0.4% by 0112 GMT as the Chinese market re-opened after a week-long holiday.
* LME PRICES: LME aluminium fell 0.2%, nickel declined 0.9%, lead lost 0.7%, tin eased 0.1%, while zinc edged up 0.2%.
* SHFE: The most-traded copper contract on the Shanghai Futures Exchange (ShFE) fell 0.3% to 46,950 yuan ($6,568.55) a tonne, zinc fell 0.5%, while lead advanced 1.4%, and nickel rose 0.8%.
* COPPER OUTPUT: August production by copper miner Codelco rose 9.3% year-on-year to 154,700 tonnes, while output fell 8.5% year-on-year to 770,800 tonnes at BHP’s Escondida mine. Output rose 0.5% year-on-year to 352,500 tonnes at Anglo American’s and Glencore’s Collahuasi in the same month, state copper commission Cochilco said on Monday.
* ANTOFAGASTA: Chile’s Antofagasta, one of the world’s largest copper producers, has requested government mediation to resolve a contractual dispute with supervisors at its flagship Los Pelambres mine, the supervisors’ union said.
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* Asian shares inched up in early trade, with investors cautious ahead of tense U.S.-China trade talks while the Turkish lira slipped over concerns about Ankara’s planned incursion in northern Syria.
0145 China Caixin Services PMI Sept
0600 Germany Industrial Output MM Aug
1750 US Federal Reserve Chairman Jerome Powell speaks
on “A View From the Federal Reserve”
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 = 7.1477 Chinese yuan) (Reporting by Mai Nguyen; editing by Uttaresh.V)