October 30, 2018 / 1:48 AM / 15 days ago

METALS-Shanghai metals slide on report of fresh U.S. tariffs

    BEIJING, Oct 30 (Reuters) - Shanghai base metal prices fell
in early trade on Tuesday on a stronger dollar and a report that
the United States is planning tariffs on an additional $257
billion of Chinese goods.
    Prices have been weighed down by tit-for-tat tariffs imposed
by the world's top two economies this year amid concerns the
trade row will hurt demand for industrial metals.
    
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange slipped 0.4 percent to $6,134 a tonne by 0126
GMT, having ended the previous session flat with support from
tumbling inventories.
    * SHFE COPPER: The most-traded December copper contract on
the Shanghai Futures Exchange fell by 0.3 percent to
49,740 yuan ($7,146) a tonne.
    * OTHER METALS: Zinc was hit hardest, falling as much as 1.5
percent in London to a two-week low of $2,580.5 a tonne.
The metal used to galvanise steel also fell as much as 2.2
percent in Shanghai to 21,715 yuan a tonne, the weakest
since Oct. 22, as China's ferrous complex also moved lower.
    * USD: The dollar index nudged up 0.1 percent to
96.659. A stronger greenback makes dollar-denominated metals
more expensive for holders of other currencies.
    * RIO: Mining companies must forge new ties with partners
from customers to governments as they pursue innovation and
compete for talent with technology giants, Rio Tinto's,
 chief executive said in a speech to be delivered on
Tuesday.
    * COBALT: Zhejiang Huayou Cobalt is among four
Chinese companies weighing a London market debut, China Daily
reported on Tuesday.
    * COLUMN: Lead, the bull market no-one wants to buy into:
Andy Home.
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian shares came under pressure on Tuesday after Wall
Street peers finished weaker, hurt by fresh worries about the
U.S.-China trade war and were on track for their biggest October
decline since the 2008 financial crisis.    
        
    DATA AHEAD (GMT)
    0630  France    Preliminary GDP Q3
    0645  France    Consumer spending Sep
    0855  Germany   Unemployment rate Oct
    0900  Italy     Preliminary GDP Q3
    1000  Euro zone Preliminary GDP Q3
    1000  Euro zone Business climate Oct
    1000  Euro zone Consumer confidence final Oct
    1300  U.S.      S&P/Case-Shiller housing index Aug
    1300  Germany   Consumer prices Oct
    1400  U.S.      Consumer confidence Oct
    PRICES        
 BASE METALS PRICES                       0122 GMT
 Three month LME copper                       6136
 Most active ShFE copper                     49720
 Three month LME aluminium                    1981
 Most active ShFE aluminium                  14120
 Three month LME zinc                         2588
 Most active ShFE zinc                       21755
 Three month LME lead                         1959
 Most active ShFE lead                       18415
 Three month LME nickel                      11805
 Most active ShFE nickel                     98750
 Three month LME tin                         19090
 Most active ShFE tin                       146290
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER             LMESHFCUc3     177.94
 LME/SHFE ALUMINIUM          LMESHFALc3   -1922.39
 LME/SHFE ZINC               LMESHFZNc3     217.46
 LME/SHFE LEAD               LMESHFPBc3    1742.11
 LME/SHFE NICKEL             LMESHFNIc3    2399.95
 


($1 = 6.9605 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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