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BEIJING, Dec 6 (Reuters) - Prices of non-ferrous metals extended losses on Thursday, as worries over weak demand caused by Sino-U.S. trade tensions persisted.
China and the United States agreed to a truce in their months-long trade war on Saturday, with U.S. President Donald Trump agreeing to refrain from raising tariffs on Jan. 1.
But he has also warned that the U.S. will revert to tariffs if the two sides cannot resolve their differences before the stipulated 90 days.
“Copper prices are still struggling to find a direction as trade negotiations will take a long time ... Meanwhile more smelting capacity in China is expected to be launched if the market agrees to hike treatment and refining charges,” said analysts from CITIC Futures in a note in Mandarin.
* Three-month copper on the London Metal Exchange fell 0.6 percent to $6,139.5 a tonne by 0726 GMT, extending losses from the previous session.
* The most-traded copper contract for February delivery on the Shanghai Futures Exchange closed 0.9 percent lower to 48,980 yuan ($7,111.02) a tonne.
* Chinese Economy: China’s services sector grew at its quickest pace in five months in November thanks to an uptick in new orders, a private survey released on Wednesday showed, although the outlook for businesses over the next year worsened for the third month.
* POLL: China’s export growth is expected to have cooled in November, although still in the double digits, as a slowing in global demand offset a months-long rush to ship goods to the United States ahead of a then-expected increase in tariffs.
* Nickel: BHP on Wednesday said it had received approval from the government of Western Australian to develop a nickel mine in the state that will feed its Nickel West battery chemicals business.
* Lithium: Albemarle Corp has launched an aggressive lobbying campaign after Chilean regulators denied its request to boost lithium output, stressing the company’s importance to Chile’s economy and workers, according to records reviewed by Reuters.
* Vale: Brazilian miner Vale SA, the world’s top nickel producer, is acquiring the control of Ferrous Resources Ltd, its controlling shareholder Icahn Enterprises LP said in a securities filing.
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* U.S. stock futures and Asian shares slumped on Thursday after Canadian authorities arrested a top executive of Chinese tech giant Huawei for extradition to the United States, feeding fears of a fresh flare-up in tensions between the two superpowers.
0700 Germany Industrial orders Oct
1315 U.S. ADP national employment Nov
1330 U.S. International trade Oct
1330 U.S. Weekly jobless claims
1500 U.S. Factory orders Oct
1500 U.S. ISM non-manufacturing PMI Nov
2345 Federal Reserve Chairman Jerome Powell gives brief welcome remarks before the Housing Assistance Council Rural Housing Conference
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 = 6.8879 Chinese yuan renminbi) (Reporting by Muyu Xu and Dominique Patton; Editing by Gopakumar Warrier and Rashmi Aich)