November 21, 2019 / 2:21 AM / 6 months ago

METALS-Copper falls on potential delay in U.S.-China trade deal

    MANILA, Nov 21 (Reuters) - Copper prices dropped on
Thursday, after touching a one-week high in the previous
session, as a possible delay in a much-awaited "phase one" trade
deal between Washington and Beijing weighed on sentiment.
    Benchmark copper         on the London Metal Exchange was
down 0.5% at $5,846 a tonne, as of 0144 GMT, while the
most-active copper contract on the Shanghai Futures Exchange
         slipped 0.2% to 47,020 yuan ($6,676.32) a tonne. 
    Completion of a "phase one" U.S.-China trade deal could
slide into next year, trade experts and people close to the
White House said, as Beijing presses for more extensive tariff
rollbacks while Washington counters with heightened demands of
its own.             
    Officials from Beijing had earlier suggested that Chinese
President Xi Jinping and U.S. President Donald Trump might sign
a deal in early December.
    Possibly complicating the trade talks, the U.S. House of
Representatives on Wednesday passed two bills to back protesters
in Hong Kong and send a warning to China about human rights,
which the Senate passed the day before, angering Beijing.
    * The global world refined copper market showed a surplus 
of 29,000 tonnes in August, compared with 71,000 tonnes deficit
in July, the International Copper Study Group (ICSG) said in its
latest monthly bulletin.             
    * The U.S. International Trade Commission (ITC) on Wednesday
said it had determined that U.S. industry was materially injured
by below-cost imports of aluminum wire and cable from China,
locking in U.S. antidumping and countervailing duties. 
    * The London Metal Exchange is considering creating a new
market for "green" aluminium, using warehouse ownership
documents to identify low-carbon material instead of spinning
off a new futures contract.             
    * Russian businessman Vladimir Potanin, the biggest
shareholder in Norilsk Nickel          , said he may raise his
stake in the Russian mining giant if the opportunity arises.
    * Global primary aluminium output rose to 5.392 million
tonnes in October from revised 5.222 million tonnes in
September, data from the International Aluminium Institute (IAI)
    * Canada's Teck Resources Ltd            has hired Barclays
         to sell all of its 80% stake in its Zafranal copper
asset in Peru, two banking sources told Reuters.             
    * For the top stories in metals and other news, click       
    * Global shares slid on Thursday as a fresh row between
Washington and Beijing over U.S. bills on Hong Kong could
complicate their trade negotiation and delay a "phase one" deal
that investors had initially hoped to be inked by now.
    0745   France  Business Climate Mfg       Nov
    1330   US      Initial Jobless Claims     Weekly
    1330   US      Philly Fed Business Indx   Nov
    1500   US      Existing Home Sales        Oct
    1500   EU      Consumer Confid. Flash     Nov
    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                             
    ($1 = 7.0428 yuan)

 (Reporting by Enrico dela Cruz, Editing by Sherry
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below