September 5, 2018 / 1:41 AM / 2 months ago

METALS-Shanghai copper slumps to 14-month low amid trade tensions

    BEIJING, Sept 5 (Reuters) - Shanghai copper hit its lowest
in more than a year overnight and was down for a fifth straight
day in early trade on Wednesday, tracking a 2.6 percent drop in
London copper overnight as U.S.-China trade tensions continue to
weigh on metals prices.
        
    FUNDAMENTALS
    * SHFE COPPER: The most-traded October copper contract on
the Shanghai Futures Exchange fell as much as 2 percent
in the night session to 47,040 yuan ($6,874.48) a tonne, its
lowest since June 2017. Copper was trading down 1.3 percent at
47,380 yuan a tonne as of 0124 GMT.
    * LME COPPER: Three-month copper on the London Metal
Exchange snapped a five-day losing streak to trade up
0.6 percent at $5,852 a tonne on Wednesday, as the dollar index
 edged down from a two-week high, making metals cheaper
for holders of other currencies.
    * OTHER METALS: Shanghai nickel fell 1.7 percent,
after hitting its lowest since April 24 overnight, while zinc
 lost 1.5 percent and lead slumped 1.7 percent
in early trade.     
    * BHP: Global miner BHP said on Wednesday it would
spend $35.2 million to buy a 6.1 percent stake in SolGold PLC
, the majority owner and operator of the promising
Cascabel copper-gold project in Ecuador.
    * RUSSIA: A company owned by Russian billionaire Alisher
Usmanov's holding company said on Tuesday it had started
construction of a massive mining and metallurgical plant at the
Udokan copper deposit in a remote region in eastern Siberia.

    * WAREHOUSING: Some warehouse firms want the London Metal
Exchange to change its rules for delivering material so as to
allow longer queues and boost revenues undermined by falling
stocks, sources familiar with the matter said.
    * ALUMINA: A vote by striking workers at Alcoa's
giant west Australian operations will close on Thursday, with
the union anticipating a strong "no" vote that could prolong the
four-week old strike.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks tracked their global peers lower while the
safe-haven dollar was broadly higher on Wednesday as worries
over persistent trade conflicts curbed investor appetite for
riskier assets.    
        
    PRICES        
 BASE METALS PRICES                        0126 GMT
 Three month LME copper                        5852
 Most active ShFE copper                      47350
 Three month LME aluminium                   2064.5
 Most active ShFE aluminium                   14645
 Three month LME zinc                        2418.5
 Most active ShFE zinc                        20840
 Three month LME lead                          2073
 Most active ShFE lead                        18665
 Three month LME nickel                       12500
 Most active ShFE nickel                     102760
 Three month LME tin                              0
 Most active ShFE tin                        145230
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3      754.6
 LME/SHFE ALUMINIUM           LMESHFALc3    -1644.1
 LME/SHFE ZINC                LMESHFZNc3     559.96
 LME/SHFE LEAD                LMESHFPBc3     940.45
 LME/SHFE NICKEL              LMESHFNIc3    2808.36
 ($1 = 6.8427 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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