December 23, 2019 / 5:53 AM / in 8 months

METALS-London copper, other metals drift lower in thin pre-holiday trade

 (Adds Shanghai closing prices, updates London prices)
    BEIJING, Dec 23 (Reuters) - Copper prices slipped for a
second day on Monday in thin pre-holiday trade in London and
also lost ground in Shanghai, as a rally fuelled by optimism
over the 'phase one' trade deal between the United States and
China began to run out of steam.
    The unsatisfactory performance of the spot market has
"weakened the upward momentum" of copper prices, Chinese
brokerage Citic Futures said in a note, adding that there would
be a lack of macro-economic news this week for copper to take
its cue from.
    On a micro level, demand for copper pipes in China has
slightly increased and copper bar companies have increased their
production rates, although these are still lower than a year
ago, Citic Futures added. 
    The London Metal Exchange will remain closed on Dec. 25-26
for the Christmas holiday.     
    * COPPER: Three-month copper on the London Metal Exchange
 dipped 0.2% to $6,163.50 a tonne by 0715 GMT, after
closing down 0.6% in the previous session. The most-traded
February copper contract on the Shanghai Futures Exchange
 closed down 0.4% at 49,050 yuan ($6,996.25) a tonne.
    * COPPER: The global world refined copper market showed a
81,000 tonne deficit in September, compared with a 37,000 tonne
surplus in August, the International Copper Study Group (ICSG)
said in its latest monthly bulletin.
    * CHINA TARIFFS: China will lower tariffs on products
ranging from frozen pork and avocado to some types of
semiconductors next year as Beijing looks to boost imports amid
a slowing economy and a trade war with the United States.

    * CODELCO: Chile's state copper miner Codelco said on Friday
it would cancel a contract awarded in November to a consortium
led by Japanese firm Marubeni to construct a
desalination plant to feed its northern mines.
    * OTHER METALS: The entire LME complex was in the red, with
lead the chief laggard. The metal fell by 0.9% in London
to $1,921.50 a tonne and closed down 1.6% in Shanghai.
Lead ore processing fees AM-CN-PBCONC have risen further in
December, which will incentivise higher refined lead production,
while consumption remains weak, Citic said. 
    Shanghai nickel was the top performer, closing up
1.8% after hitting 114,030 yuan a tonne, its highest since Nov.
    * SCRAP: China's imports of scrap metal in November rose by
6.3% from the previous month to 170,000 tonnes, data released by
the General Administration of Customs showed on Monday.

    * For the top stories in metals and other news, click       
    * Asian markets idled near 18-month highs as trading volumes
weakened ahead of the Christmas holiday break, with investors
taking profit on gains made earlier this month.    
 BASE METALS PRICES                          0716 GMT
 Three month LME copper                          6162
 Most active ShFE copper                        49050
 Three month LME aluminium                       1796
 Most active ShFE aluminium                     14180
 Three month LME zinc                            2325
 Most active ShFE zinc                          17995
 Three month LME lead                          1921.5
 Most active ShFE lead                          14790
 Three month LME nickel                         14480
 Most active ShFE nickel                       113700
 Three month LME tin                            17300
 Most active ShFE tin                          139920
 BASE METALS ARBITRAGE                               
 LME/SHFE COPPER                LMESHFCUc      338.86
 LME/SHFE ALUMINIUM             LMESHFALc     -157.31
 LME/SHFE ZINC                  LMESHFZNc      -671.5
 LME/SHFE LEAD                  LMESHFPBc     -904.57
 LME/SHFE NICKEL                LMESHFNIc    -3511.69
($1 = 7.0109 Chinese yuan)

 (Reporting by Tom Daly; Editing by Rashmi Aich and Subhranshu
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