June 4, 2019 / 2:10 AM / 3 months ago

METALS-Base metals trade sideways amid cautious sentiment

SINGAPORE, June 4 (Reuters) - Industrial metals on Tuesday traded in tight range amid a lack of progress in the prolonged U.S.-China trade war and weak manufacturing data that sparked concerns of slowing global growth and demand for metals.

Growth in U.S. manufacturing activity slowed in May to its weakest pace in over two years as factory managers raised concerns about a trade war between the United States and China, a national survey showed on Monday.

Manufacturing activity in the euro zone contracted for a fourth month in May and at a faster pace, as the U.S.-China trade war, slumping automotive demand, Brexit and wider geopolitical uncertainty took their toll, a survey showed.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange edged up 0.1% to $5,846 a tonne by 0200 GMT, while the most-traded copper contract on the Shanghai Futures Exchange also rose 0.1% to 46,220 yuan ($6,692.73) a tonne.

* London aluminium eased 0.2%, nickel edged down 0.1%, zinc decreased 0.3%, lead fell 0.3% and tin was 0.4% lower. Shanghai nickel fell 1.4% and zinc slipped 2.2%.

* Australian mine developer Clean Teq said it has started looking for partners for its nickel, cobalt and scandium project in central New South Wales, amid a boom in demand for battery metals.

* Top aluminium producers have offered Japanese buyers premiums of $115-$120 a tonne for July-September primary metal shipments, up 10%-14% from the current quarter, amid tighter supply, sources told Reuters on Monday.

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MARKETS NEWS

* Shares in Asia inched higher and safe-haven assets gave up some overnight gains, as investors paused for breath after a volatile Wall Street session, but deeper concerns about growth have capped broader improvements in risk sentiment.

DATA/EVENTS (GMT)

0430 Australia RBA Cash Rate June

0900 EU HICP Flash YY May

0900 EU HICP-X F&E Flash YY May

0900 EU Unemployment Rate April

1200 Brazil Industrial Output MM YY April

1400 US Factory Orders MM April

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 = 6.9060 Chinese yuan renminbi)

Reporting by Mai Nguyen; editing by Richard Pullin

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