May 7, 2019 / 2:45 AM / 4 months ago

METALS-London base metals mixed amid renewed U.S.-China trade tensions

    MANILA, May 7 (Reuters) - London base metals were mixed in
early trade on Tuesday amid concerns that an escalating
U.S.-China trade tension could hurt the global economy, but
copper and nickel on the Shanghai Futures Exchange rebounded
from the previous session's slump.
    U.S. President Donald Trump said he would impose additional
tariffs on Chinese goods slated to go into effect on Friday, as
China, according to U.S. trade officials, backtracked on
substantial commitments it had made during the trade
negotiations.             
    Beijing is sending a delegation to Washington this week, led
by Chinese Vice Premier Liu He, to try to reach a trade deal
with the United States ahead of the tariffs imposition, U.S.
Trade Representative Robert Lighthizer said on Monday.
    
    FUNDAMENTALS
    * Three-month copper on the London Metal Exchange        
was up 0.8 percent at $6,283 a tonne, as of 0201 GMT.
    * The most-traded ShFE copper contract          rose 1.1
percent to 48,370 yuan ($7,145.18) a tonne, after hitting its
lowest in more than three months on Monday.
    * Three-month LME nickel         fell 0.4 percent to $12,130
a tonne, while ShFE nickel         , which also hit a more than
three-month low on Monday, was up 0.8 percent at $96,480 yuan a
tonne.
    * CHINA STIMULUS: China's central bank said on Monday it
will cut reserve requirement ratios to release about 280 billion
yuan ($41 billion) for some small- and medium-sized banks, in a
targeted move to help companies struggling amid an economic
slowdown.             
    * LME ASIA WEEK: Hong Kong Exchanges and Clearing Ltd
          Chief Executive Charles Li said on Tuesday the bourse
was in official talks about setting up warehouses in mainland
China.             
    * LME ASIA WEEK: The Hong Kong Futures Exchange plans to
launch dollar-denominated mini contracts for six base metals in
the coming months, the head of market development at the London
Metal Exchange said on Monday.             

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          or             
        
    MARKETS NEWS    
    * Asian shares wallowed near five-week lows on early Tuesday
after U.S. President Donald Trump's threat to raise tariffs
re-ignited worries about U.S.-China trade tensions, while
Japan's Nikkei opened down after a 10-day break.                
        
    DATA/EVENTS (GMT)
    0130  Australia   Retail Sales MM          March
    0130  Australia   Retail Trade             Q1
    0130  Australia   Trade Balance G&S (A$)   March
    0430  Australia   RBA Cash Rate            May
    0600  Germany     Industrial Orders MM     March
    0730  UK          Halifax House Prices MM  April
    1300  Russia      CPI MM                   April
    1300  Russia      CPI YY                   April    
        
    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 = 6.7696 Chinese yuan)

    
 (Reporting by Enrico dela Cruz, Editing by Sherry
Jacob-Phillips)
  
 
 
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