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Zandi Shabalala

METALS-Copper prices firm ahead of Fed minutes

9:45am EDT

* GRAPHIC-2019 asset returns: http://tmsnrt.rs/2jvdmXl (Adds official prices)

METALS-Lead scales two-week high on outage at Nyrstar smelter

Aug 12 2019

* GRAPHIC-2019 asset returns: http://tmsnrt.rs/2jvdmXl (Updates with official prices, Indonesia nickel)

METALS-Copper edges off two-year low as Washington soothes trade fears

Aug 07 2019

* GRAPHIC-2019 asset returns: http://tmsnrt.rs/2jvdmXl (Adds closing prices, trade war update) By Zandi Shabalala LONDON, Aug 7 Copper inched higher on Wednesday after U.S. President Donald Trump dismissed fears of a protracted trade war with China, though a lack of progress on resolving the conflict kept prices near their lowest since 2017. Benchmark copper on the London Metal Exchange (LME) ended 0.4% higher at $5,703 per tonne, still close to Monday's two-year low of $5,640. "There has been nothing concrete and nothing has markedly changed (in the trade war)," said Natixis analyst Bernard Dahdah. "I would say the propensity of prices is to be lower until the end of this year. I don't think there is going to be a solution any time soon," Dahdah added. Markets fear an escalation in the trade war could negatively affect metals demand. China, the world's second largest economy, consumes nearly half of all industrial metals. TRADE WAR: Trump on Wednesday said his tough stance on China's behavior in global markets would ultimately benefit the American economy, even as Beijing signaled it could strike back by curbing sales of critical chemicals known as rare earths. China's rare earths association said it would support counter-measures in the escalating trade row with the United States, which it accused of "bullying". EU ECONOMY: German industrial output fell more than expected in June due to weaker production of intermediate and capital goods, a further sign that Europe's biggest economy contracted in the second quarter as exporters were hurt by trade disputes. GLENCORE: The global miner said it would place its Mutanda copper and cobalt mine in Democratic Republic of Congo under care and maintenance from the end of this year due to low prices and higher costs. In 2018, Mutanda produced nearly 200,000 tonnes of copper and 27,300 tonnes of cobalt. "As Mutanda accounts for less than 1% of global copper mine production, the impact on a market which is sufficiently supplied should be limited," Julius Baer analyst Carsten Menke said. COPPER INVENTORIES: Copper stocks in LME-approved warehouses have more than doubled this year to 277,975 tonnes and those in warehouses monitored by the Shanghai Futures Exchange have risen 40% to 155,971 tonnes. PRICES: Aluminium ended 0.8% lower at $1,745 a tonne, hitting a two-month low, while zinc was down 2.1% at $2,261 after falling to its lowest since October 2016. Lead gained 0.2% to $2,002, tin fell 1.4% to $16,755 having touched its lowest since June 2016, and nickel fell 0.9% to $14,810. (Additional reporting by Mai Nguyen in Singapore and Tom Daly in Beijing Editing by Louise Heavens and David Holmes)

METALS-Copper pinned at two-year low by trade conflict

Aug 06 2019

* GRAPHIC-2019 asset returns: http://tmsnrt.rs/2jvdmXl (Updates with official prices)

Lead's gains climax as auto battery demand in China wanes

Aug 05 2019

LONDON Supply disruptions and historically low inventories are unlikely to mean shortages of the auto battery metal lead due to sliding demand in top consumer China, where growth is under pressure because of the U.S.-China trade dispute.

Exclusive: Full restart of Codelco's Chuquicamata smelter delayed until end of October - sources

Aug 02 2019

(This Aug. 1 story corrects to show that the smelter is ramping up; adds Codelco statement)

Exclusive: Full restart of Codelco's Chuquicamata smelter delayed until end of October - sources

Aug 02 2019

(This Aug. 1 story corrects to show that the smelter is ramping up; adds Codelco statement)

METALS-Nickel clings to one-year high, but rally seen as excessive

Jul 23 2019

* GRAPHIC-2019 asset returns: http://tmsnrt.rs/2jvdmXl * LME nickel stocks touch lowest since January 2013 (Adds closing prices) By Zandi Shabalala LONDON, July 23 Nickel slipped on Tuesday and analysts said prices that were still near one-year highs for the metal used to make stainless steel were not supported by most fundamentals. Benchmark nickel on the London Metal Exchange (LME) ended 0.9% lower at $14,170 per tonne after declining 3% in the previous session. "We are not confident that this level can be sustained because the second half is going to represent changing conditions in Chinese stainless steel demand and therefore destocking," said Macquarie analyst Vivienne Lloyd. Speculators and physical buyers have pushed prices on the LME up 25% within two weeks. Reuters reported Chinese firm Tsingshan Holding Group has been buying large quantities of nickel on the LME to supplement its own output. STAINLESS DEMAND: Nearly 70% of global nickel consumption, estimated at 2.4 million tonnes this year, is accounted for by stainless steel mills, a majority of which are in China. NICKEL STOCKS: Headline nickel inventories in LME-approved warehouses are at their lowest since January 2013 at 100,422 tonnes. A single entity holds between 50% and 79% of LME nickel warrants, exacerbating fears over short supplies. <0#LME-WHL> TRADE TENSIONS: China strongly opposes U.S. sanctions on a Chinese energy firm accused of violating curbs on Iran's oil sector imposed over Tehran's nuclear programme, its foreign ministry said. The potential standoff over the sanctions could escalate long-standing tensions between the world's two largest economies and further sap demand for metals. CHINA GROWTH: China's industry ministry said "arduous efforts" will be needed to achieve this year's industrial output growth target, as trade protectionism weighs on exports and clouds the outlook for the world's second-largest economy. COPPER OUTPUT: For the first four months of the year, the global copper market was in a 155,000-tonne deficit compared with a 64,000-tonne deficit in the same period a year earlier, the International Copper Study Group said. ALUMINIUM: Canada's exemption from U.S. tariffs on imports of aluminium metal has boosted earnings at the Canadian operations of companies such as Rio Tinto and Alcoa , but has not cut costs for U.S. consumers. COLUMN: Global aluminium production fell by 0.5% in the first half of this year, according to the International Aluminium Institute. ZINC TIME SPREADS: The discount of cash LME zinc to the three-month contract touched $13 a tonne on Monday, the biggest discount since September last year, indicating ample near-term supplies. DOLLAR: Most metals were under pressure from a stronger U.S. dollar. The currency was boosted by a deal between U.S. President Donald Trump and congressional leaders on a two-year extension of the debt limit. PRICES: Copper shed 0.8% to $5,968 per tonne, aluminium was unchanged at $1,816, zinc added 0.6% to $2,432, lead ended 1.1% higher at $2,031, while tin shed 1% to $17,675, after touching is lowest since 2016. (Additional reporting by Mai Nguyen in SINGAPORE; Editing by David Evans and Edmund Blair)

Barrick set to take full control of Acacia after raising bid

Jul 19 2019

TORONTO/LONDON Barrick Gold Corp has struck a deal to buy out its fellow shareholders in Acacia Mining with a higher bid than originally proposed, raising expectations Acacia's long-running tax dispute with the Tanzanian government will finally be resolved.

METALS-Copper tumbles from two-week peak as Trump renews China tariff threat

Jul 17 2019

* GRAPHIC-2019 asset returns: http://tmsnrt.rs/2jvdmXl (Updates with official prices, Zambia copper)

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