August 6, 2018 / 2:14 AM / 4 months ago

METALS-LME copper slips on stronger dollar after China tariff response

BEIJING, Aug 6 (Reuters) - London copper edged down 0.5 percent in early Asian trade on Monday as the dollar index ticked higher, making metals more expensive for holders of other currencies.

The metal had risen for the first session in three on Friday as the greenback weakened, even as China's move to place retaliatory tariffs on $60 billion of U.S. goods heightened concerns the trade row would hurt demand for industrial metals.

FUNDAMENTALS

* LME COPPER: Three-month copper on the London Metal Exchange was down 0.5 percent at $6,172.55 a tonne by 0207 GMT, after posting a 1.1 percent jump on Friday.

* SHFE COPPER The most-traded September copper contract on the Shanghai Futures Exchange was up 0.24 percent at 49,330 yuan ($7,242.59) a tonne.

* TARIFFS: China proposed retaliatory tariffs on $60 billion worth of U.S. goods ranging from liquefied natural gas (LNG) to some aircraft on Friday, as a senior Chinese diplomat cast doubt on prospects of talks with Washington to solve their bitter trade conflict.

* RUSAL: Russian aluminium giant Rusal posted a second-quarter profit of $440 million on Monday, remaining well in the black despite sanctions imposed on the company earlier this year by Washington.

* CHINA: China's eastern Shandong province has unveiled new targets to cut steel and coal production capacity, eliminate outdated aluminium smelters and change to cleaner energy as part of a broader nationwide anti-pollution push.

* COLUMN: LME warehousing shrinks, casualties mount: Andy Home.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian stocks rose on Monday after China's central bank took steps to try to drag the yuan away from 14-month lows, but the tit-for-tat conflict over Sino-U.S. trade hung heavily on markets.

DATA AHEAD (GMT)

0600 Germany Industrial orders Jun

0830 Euro zone Sentix index Aug

1400 U.S. Employment trends Jun

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 = 6.8111 Chinese yuan)

Reporting by Tom Daly; Editing by Sunil Nair

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