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METALS-Copper slips as Trump ends stimulus deal talks

Oct 7 (Reuters) - Copper prices fell on Wednesday after U.S. President Donald Trump halted negotiations with the U.S. Congress on a large coronavirus stimulus bill.

“I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill,” Trump wrote on Twitter.

Copper is often used as a gauge of global economic health and a U.S. stimulus bill would have supported a recovery in the world’s biggest economy.

Three-month copper on the London Metal Exchange fell 1.1% to $6,458 a tonne by 0145 GMT, while nickel eased 0.3% to $14,480 a tonne, zinc dropped 1% to $2,338.50 a tonne and lead declined 0.3% to $1,775.50 a tonne.

FUNDAMENTALS

* Tesla Inc is in talks with BHP Group about a nickel supply deal, Bloomberg News reported.

* LME cash aluminium was last at a discount of $25.50 a tonne over the three-month contract CMAL0-3, its smallest since July 2 as LME inventories MALSTX-TOTAL fell to their lowest since May 18 at 1.43 million tonnes.

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MARKETS NEWS

* Asian stocks were set to open lower, weighed down by a weaker Wall Street finish after U.S. President Donald Trump dashed hopes for a fourth stimulus package with a tweet.

DATA/EVENTS (GMT)

0600 Germany Industrial Output MM Aug

0645 France Reserve Assets Total Sept

0730 UK Halifax House Prices MM Sept

1800 US Federal Open Market Committee will

release the minutes from its

September 15-16 policy meeting

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 Vinay Dwivedi)

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