May 23, 2019 / 2:26 AM / a year ago

METALS-Shanghai base metals slide in trade war selloff

    BEIJING, May 23 (Reuters) - Shanghai copper and zinc slid to
multi-month lows on Thursday as the China base metals complex
tracked a broad selloff in London overnight amid Sino-U.S. trade
tensions, while President Xi Jinping warned of difficult times
    * COPPER: The most-traded July copper contract on the
Shanghai Futures Exchange fell as much as 1.8% to
46,570 yuan ($6,738) a tonne, the lowest since Jan. 15, and
stood at 46,580 yuan as of 0213 GMT. Three-month copper on the
London Metal Exchange fell for a fifth day, sliding as
much as 0.5% to $5,896 the lowest since Jan. 24
    * SPECS: Speculators' net short in LME copper has expanded
to 6.2% of open contracts, the most since October, brokers Marex
Spectron said. After the drop below $6,000 a tonne, "speculative
financial investors, who have remained loyal to copper on the
LME in the past two weeks, are now likely to withdraw,"
Commerzbank said on Wednesday. 
    * COPPER: Chinese miner MMG Ltd's operations at
its Las Bambas mine, one of Peru's largest copper producers,
have not been disrupted and talks with an indigenous Peruvian
community are ongoing, the miner said on Wednesday.
    * AURUBIS: Aurubis, Europe's biggest copper
smelter, has agreed to buy Belgian-Spanish recycling company
Metallo Group for 380 million euros ($424 million) as part of an
acquisition-led shift into other metals. 
    * OTHER METALS: Zinc, used to galvanise steel, fell as much
as 1.5% in Shanghai to 20,290 yuan a tonne, the lowest
since Feb. 15. Shanghai nickel was down 0.9% at 96,760
yuan a tonne.
    * NICKEL: The global nickel market deficit widened to 12,500
tonnes in March from a revised shortfall of 1,000 tonnes the
previous month, the International Nickel Study Group said.

    * DATA: China, the world's top metals consumer, is due to
report final trade data for April, including scrap metal and
alumina import figures, later on Thursday.    
    * EXPLAINER: China's rare earth supplies could be a vital
bargaining chip in the U.S. trade war.      
    * For the top stories in metals and other news, click       
    * Asian shares were stuck in the red amid worries the
Sino-U.S. trade conflict was fast morphing into a technology
cold war.    
0600  Germany   GDP Detailed QQ  SA      Q1
0600  Germany   GDP Detailed YY NSA      Q1
0645  France    Business Climate Mfg     May
0715  France    Markit Mfg Flash PMI     May
0730  Germany   Markit Mfg Flash PMI     May
0800  Germany   Ifo Business Climate New May
0800  EU        Markit Mfg Flash PMI     May
0800  EU        Markit Serv Flash PMI    May
0800  EU        Markit Comp Flash PMI    May
1230  US        Initial Jobless Claims   Weekly
1400  US        New Home Sales Units     April
 BASE METALS PRICES                          0213 GMT
 Three month LME copper                          5897
 Most active ShFE copper                        46570
 Three month LME aluminium                     1779.5
 Most active ShFE aluminium                     14120
 Three month LME zinc                            2542
 Most active ShFE zinc                          20300
 Three month LME lead                          1810.5
 Most active ShFE lead                          16175
 Three month LME nickel                         11920
 Most active ShFE nickel                        96740
 Three month LME tin                            19320
 Most active ShFE tin                          144250
 BASE METALS ARBITRAGE                               
 LME/SHFE COPPER               LMESHFCUc3      495.62
 LME/SHFE ALUMINIUM            LMESHFALc3      169.21
 LME/SHFE ZINC                 LMESHFZNc3        4.09
 LME/SHFE LEAD                 LMESHFPBc3     1538.37
 LME/SHFE NICKEL               LMESHFNIc3     1646.92
($1 = 6.9115 Chinese yuan renminbi)

 (Reporting by Tom Daly; editing by Richard Pullin)
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