August 22, 2018 / 1:58 AM / 3 months ago

METALS-London copper slips ahead of U.S.-China trade talks

MANILA, Aug 22 (Reuters) - London copper edged lower on Wednesday ahead of trade talks between the United States and China, with U.S. President Donald Trump playing down hopes for near-term progress and saying resolving the dispute will take time.

Trump told Reuters in an interview on Monday that he had "no time frame" for ending the trade dispute with China, which threatens to impose tariffs on virtually all goods traded between the world's two largest economies.

Three-month copper on the London Metal Exchange was off 0.2 percent at $6,030.50 a tonne by 0142 GMT. The most-traded October copper on the Shanghai Futures Exchange rose 0.2 percent to 48,560 yuan ($7,064) a tonne.

* TRADE TALKS: The meetings, expected to take place on Wednesday and Thursday in Washington, are the first formal U.S.-China trade talks since June, when U.S. Commerce Secretary Wilbur Ross met Chinese economic adviser Liu He in Beijing but returned with no agreements.

* CHINA STIMULUS: China's central bank said it will not resort to strong stimulus to support the slowing economy, but will keep liquidity reasonably ample and offer more help to companies which are having trouble obtaining financing.

* SERBIA MINE: Three companies from Canada, China and Russia have bid for a strategic partnership in RTB Bor, Serbia's only copper mine and smelter. Serbia's government has said it was seeking a partner to invest at least $350 million in debt-laden RTB Bor but did not say how big a stake it would offer in return.

* SAMARCO DELAY: There is little likelihood that Brazil's Samarco iron ore mine, a joint venture between Vale SA and BHP Billiton, will restart operations next year even though it expects to have all of the required licenses.

DATA AHEAD (GMT)

1400 U.S. Existing home sales Jul

1800 Minutes of Federal Reserve's for July 31-Aug 1 meeting

PRICES

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 = 6.8740 Chinese yuan)

Reporting by Manolo Serapio Jr.; editing by Richard Pullin

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