August 22, 2019 / 2:25 AM / a month ago

METALS-Base metals fall after Fed minutes

SINGAPORE, Aug 22 (Reuters) - Most industrial metals on the London Metal Exchange (LME) slipped on Thursday, after the U.S. Federal Reserve signalled that it was not on a preset path to more monetary policy easing.

Interest rate cuts by the Fed could lead to a weaker U.S. currency, which makes dollar-denominated metals cheaper for users of other currencies.

Minutes of Fed's last month meeting showed policymakers were deeply divided over whether to cut interest rates, but were united in wanting to signal they were not on a preset path to more rates cuts.

Three-month copper on the London Metal Exchange fell 0.2% to $5,719.50 a tonne by 0206 GMT, aluminium was almost unchanged, nickel decreased 0.5%, zinc dipped 0.5% and lead was 0.9% lower.

FUNDAMENTALS

* CODELCO: Chile's Codelco, the world's top copper producer, said on Wednesday it had shut down its Ventanas smelter along Chile's central coast for maintenance until Sept. 3, but the shut down would not impact production.

* TIN: LME tin edged up 0.1% after hitting its lowest in more than three years in the previous session, while ShFE tin fell 1%.

* NICKEL: The global nickel market deficit narrowed to 45,100 tonnes in the first six months of this year, compared to a deficit of 85,200 tonnes in the same period of 2018, data from the International Nickel Study Group showed.

* EV: Chinese electric car maker BYD Co Ltd's, first-half profit soared after it sold 145,653 so-called new energy vehicles (NEVs) between January and June, up 94.5% from a year earlier.

* ZINC: The global zinc market swung into a 10,900 tonne surplus in June from a revised deficit of 38,200 tonnes in May, data from the International Lead and Zinc Study Group (ILZSG) showed.

* LEAD: The global lead market recorded a widening deficit of 65,000 tonnes in the first half of 2019, compared to a deficit of 37,000 tonnes during the same period last year, ILZSG data showed.

* LYNAS: Rare earths miner Lynas Corp Ltd, the only major proven producer of rare earths outside China, confirmed the receipt of a renewed operating licence from Malaysia for its processing plant there.

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MARKETS NEWS

* Asian shares edged ahead after Wall Street got a boost from strong retail results, while bonds retreated as U.S. policy makers sounded conflicted on whether to cut interest rates as sharply as markets were wagering.

DATA/EVENTS (GMT)

0715 France Markit Mfg, Serv, Comp Flash PMIs Aug

0730 Germany Markit Mfg, Serv, Comp Flash PMIs Aug

0800 EU Markit Mfg, Serv, Comp Flash PMIs Aug

1200 Brazil IPCA-15 Mid-Month CPI Aug

1230 US Initial Jobless Claims Weekly

1345 US Markit Mfg, Serv, Comp Flash PMIs Aug

1400 EU Consumer Confid. Flash Aug

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 (Reporting by Mai Nguyen: Editing by Sriraj Kalluvila)

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