May 23, 2018 / 2:15 AM / in 5 months

METALS-Copper slips as Trump curbs optimism over U.S.-China trade talks

    MANILA, May 23 (Reuters) - London copper futures edged lower
on Wednesday, pulling back from the previous session's nearly
one-month peak, after U.S. President Donald Trump said he was
not pleased with recent trade talks between the United States
and China.
    His comments on Tuesday came after U.S. Treasury Secretary
Steven Mnuchin said over the weekend that the two countries had
put the prospect of a trade war "on hold" while they work on a
wider trade agreement, which helped revive appetite for riskier
assets.
    
    COPPER: Three-month copper on the London Metal Exchange
 was down 0.5 percent at $6,945 a tonne by 0143 GMT,
after peaking at $6,999 on Tuesday, its loftiest since April 26.
In Shanghai, the most-traded July copper contract on the
Shanghai Futures Exchange rose to a nearly one-month
high of 52,180 yuan ($8,187) a tonne, tracking overnight gains
in London.
    GRASBERG: Global miner Rio Tinto Ltd said it was in
discussions to sell its interest in the world's second largest
copper mine to Indonesia's Inalum for $3.5 billion.
    MARKETS: The dollar slipped after six straight days of gains
as U.S. Treasury yields dipped and investors looked to the
minutes of the Federal Reserve's May 1-2 meeting to be released
later on Wednesday. Asian shares ticked higher but investors
were on edge as Trump tempered optimism over progress made so
far in trade talks between the world's two largest economies.

    LEAD: LME lead retreated from a 12-week high, down
0.9 percent to $2,452.50 a tonne, after what analysts said was a
rally driven by Chinese speculators on Tuesday as they bet on
potential supply shortages. In Shanghai, lead slipped
0.6 percent to 20,095 yuan per tonne, after hitting 20,465 yuan
on Tuesday, its strongest since October 2017.
    NORTH KOREA TALKS: Trump also said there was a "substantial
chance" his summit with North Korean leader Kim Jong Un will not
take place as planned on June 12 amid concerns that Kim is
resistant to giving up his nuclear weapons.
    FED SURVEY: U.S. households are feeling more stable, small
businesses are making money and many expect to expand and hire
in the coming year, signs of continued optimism in two key parts
of the economy, the Federal Reserve reported in a pair of annual
surveys.            
        
    DATA AHEAD (GMT)
    0700  France     Markit manufacturing flash PMI         May
    0730  Germany    Markit manufacturing flash PMI         May
    0800  Euro zone  Markit manufacturing flash PMI         May
    1345  U.S.       Markit manufacturing flash PMI         May
    1400  U.S.       New home sales                         Apr
    1400  U.S.       Consumer confidence                    May
    1800  Federal Reserve releases minutes from May 1-2 meeting
                  
 BASE METALS PRICES                                     0202 GMT
 Three month LME copper                                     6945
 Most active ShFE copper                                   51830
 Three month LME aluminium                                2266.5
 Most active ShFE aluminium                                14605
 Three month LME zinc                                       3052
 Most active ShFE zinc                                     23605
 Three month LME lead                                     2452.5
 Most active ShFE lead                                     20095
 Three month LME nickel                                    14560
 Most active ShFE nickel                                  107760
 Three month LME tin                                       20595
 Most active ShFE tin                                     145930
                                                                
 BASE METALS ARBITRAGE                                          
 LME/SHFE COPPER                 LMESHFCUc3               254.34
 LME/SHFE ALUMINIUM              LMESHFALc3             -2200.31
 LME/SHFE ZINC                   LMESHFZNc3               483.91
 LME/SHFE LEAD                   LMESHFPBc3               124.43
 LME/SHFE NICKEL                 LMESHFNIc3             -1556.86
 ($1 = 6.3733 Chinese yuan)

    
 (Reporting by Manolo Serapio Jr.; Editing by Amrutha Gayathri)
  
 
 
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