June 20, 2018 / 1:44 AM / a month ago

METALS-London copper prices off three-week low, but trade woes drag

    MANILA, June 20 (Reuters) - London copper prices edged up on
Wednesday after touching a three-week low earlier in Asian
trading, but a deepening trade row between China and the United
States capped any recovery in risk appetite.
    Other metals including aluminium and zinc also edged up, but
were not far above multi-week lows reached on Tuesday.
    
    
    *LONDON COPPER: Three-month copper on the London Metal
Exchange was up 0.1 percent at $6,847.50 a tonne by 0130
GMT, after initially hitting $6,807, its weakest level since May
31.
    *SHANGHAI COPPER: The most-traded August copper contract on
the Shanghai Futures Exchange was off 0.9 percent at
51,860 yuan ($8,003) a tonne.
    * TRADE ROW: China has underestimated U.S. President Donald
Trump's resolve to impose more tariffs unless it changes its
"predatory" trade practices, a White House trade adviser said.

    Trump threatened on Monday to hit $200 billion of Chinese
imports with 10 percent tariffs if Beijing retaliated against
his previous targeting of $50 billion in imports, aimed at
pressuring China to stop stealing U.S. intellectual property.
    * RUSSIA RETALIATES: Russia said it would impose import
duties on U.S. road-building machinery, a measure likely to help
Russian oligarch Oleg Deripaska, who was hit by U.S. sanctions
and controls Russia's biggest maker of road-building equipment.

    * RUSAL: Sanctions-hit Russian aluminium producer Rusal
 said it had started shipping bauxite from its
Dian-Dian bauxite project in Guinea to its alumina refineries in
other countries.
    * BHP COPPER: BHP said it has agreed to
sell the Cerro Colorado copper mine in Chile to Australian
private equity fund EMR Capital.
    * ALUMINIUM PREMIUM: A Japanese aluminium buyer has agreed
to pay a global producer a premium of $132 per tonne over the
benchmark price for shipments in July to September, the highest
in more than three years.
    * MARKETS: The dollar steadied against the yen as U.S.
yields pulled back from lows, although persistent worries about
the U.S.-China trade rift are likely to cap any greenback
recovery. Asian stocks rebounded.
    
    DATA/EVENT AHEAD (GMT)
    0600  Germany             Producer prices              May
    1230  U.S.                Current account              Q1
    1330  Federal Reserve Chairman Jerome Powell participates in
    panel discussion at the 2018 ECB Forum on Central Banking
    1400  U.S.                Existing home sales          May
    
 BASE METALS PRICES                                0130 GMT
 Three month LME copper                              6847.5
 Most active ShFE copper                              51860
 Three month LME aluminium                             2188
 Most active ShFE aluminium                           14175
 Three month LME zinc                                  3025
 Most active ShFE zinc                                23505
 Three month LME lead                                  2424
 Most active ShFE lead                                20040
 Three month LME nickel                               14770
 Most active ShFE nickel                             113250
 Three month LME tin                                  20410
 Most active ShFE tin                                145710
                                                           
 BASE METALS ARBITRAGE                                     
 LME/SHFE COPPER               LMESHFCUc3            159.02
 LME/SHFE ALUMINIUM            LMESHFALc3          -2315.68
 LME/SHFE ZINC                 LMESHFZNc3            236.65
 LME/SHFE LEAD                 LMESHFPBc3            433.02
 LME/SHFE NICKEL               LMESHFNIc3           -140.16
 ($1 = 6.4802 Chinese yuan)

    
 (Reporting by Manolo Serapio Jr.
Editing by Joseph Radford)
  
 
 
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