November 5, 2018 / 3:24 AM / 10 months ago

METALS- London copper slips from two-week top

MELBOURNE, Nov 5 (Reuters) - London copper took a breather on Monday after hitting a two-week peak in the previous session following comments by the U.S. president that the United States may be approaching a trade deal with China.


* London Metal Exchange copper slipped by half a percent to $6,253 a tonne by 0250 GMT, paring 3.2 percent gains on Friday when prices reached the highest in two weeks at $6,315 a tonne. Copper has traded in a $5,950-$6,400 range since late September as worries of an escalating trade war have overshadowed signs of a burgeoning shortage of the metal.

* Shanghai Futures Exchange copper narrowed earlier gains and were up 1.2 percent at 49,970 yuan ($7,235.42) a tonne.

* OTHER METALS: Other LME metals were more or less flat except for volatile nickel that shed 1.1 percent, erasing Friday's gains. * TRADE: U.S. President Donald Trump said on Friday he will likely make a deal with China on trade, adding that a lot of progress has been made to resolve the two countries' differences but warned that he still may impose more tariffs on Chinese goods.

* COPPER INVESTORS: Hedge funds and money managers raised their net short positions in Comex copper contracts in the week to Oct. 30, the U.S. Commodity Futures Trading Commission said on Friday.

* ALUMINIUM: Russian aluminium giant Rusal posted a third-quarter adjusted net profit of $338 million on Monday, up 55 percent from the previous quarter, as sanctions imposed by Washington in April on the Hong Kong-listed company were postponed. The sanctions deadline was last extended to Dec. 12.

* U.S. ECONOMY: U.S. job growth rebounded sharply in October and wages recorded their largest annual gain in 9-1/2 years, pointing to further labor market tightening that could encourage the Federal Reserve to raise interest rates again in December. * For the top stories in metals and other news, click or


* Major stock markets slipped on Monday as rising tensions between Western powers and Saudi Arabia added to concerns over the pace of global economic growth, with investors flocking to traditional safe-havens like the Japanese and Swiss currencies, as well as gold.


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 = 6.9063 Chinese yuan)

Reporting by Melanie Burton; Editing by Gopakumar Warrier

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