August 28, 2019 / 4:42 AM / 22 days ago

METALS-Copper prices ease amid global economic uncertainties

(Updates prices)

By Mai Nguyen

SINGAPORE, Aug 28 (Reuters) - London copper prices dipped on Wednesday, as the lack of any clear moves to resolve the protracted U.S.-China trade conflict weighed on the demand outlook for the red metal.

China's foreign ministry reiterated on Tuesday that it had not heard of any recent telephone call between the United States and China on trade, and said it hopes Washington can stop its wrong actions and create conditions for talks.

FUNDAMENTALS

* COPPER: Three-month copper on the London Metal Exchange edged down 0.3% to $5,669 a tonne by 0710 GMT, while the most-traded copper contract on the Shanghai Futures Exchange advanced 0.5% to 46,560 yuan ($6,564.40) a tonne.

* PRICES: London zinc fell 0.2%, lead decreased 0.5%, aluminium edged down 0.1%, while nickel advanced 0.8%. Shanghai aluminium rose 0.3%, zinc increased 1.3% and lead rose 1.6%.

* ZINC: "The prospect of increase in supply contrasts starkly to a sluggish demand both in China and around the globe. Price consolidation may still last for a while before finding a cost support," said analyst Helen Lau of Argonaut Securities.

* CHALCO: Aluminum Corp of China Ltd,, known as Chalco, said on Tuesday its revenue rose 15.2% despite a 10% drop in the primary aluminium segment.

* NICKEL: Rapidly rising use of nickel in the batteries that power electric vehicles over coming years means higher prices are needed to incentivise the development of new projects to boost supplies of the metal.

* CHINA RATES: Deteriorating Sino-U.S. trade ties and interest rate reforms are fuelling speculation China will start cutting key rates from next month, but bankers expect borrowing costs to come down only gradually.

* RARE EARTH: The U.S. Department of Defense is in talks with Australia to host a facility that would process rare earth minerals, part of an effort to reduce reliance on China, a senior American official said.

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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 = 7.0928 Chinese yuan) (Reporting by Mai Nguyen; editing by Uttaresh.V and Subhranshu Sahu)

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