June 3, 2019 / 7:58 AM / 6 months ago

BUZZ-British miners: Drag on weak copper, slow China factory activity

** UK miner’s shares down as copper prices hit 2-year low and recession worries fuelled by trade tensions

** Shares of Antofagasta fell 1.1%, Glencore slipped 1.1%, BHP down 1.2%, Rio Tinto down 1%, Anglo American down 0.5%, Kaz Minerals down 1.2%, and Acacia Mining down 0.5%

** Copper prices on the Shanghai Futures Exchange (ShFE) fell to their lowest in two years on Monday

** Factory activity in China, the world’s largest consumer of metals, slumped in May to a deeper contraction than expected

** U.S. President Donald Trump threatened tariffs on all goods from Mexico, raising fears of a global recession

** World’s largest copper producer and Chile state-owned miner Codelco said it partially halted work at its biggest copper mine El Teniente following a fatal accident.

** U.S. stock futures and commodity prices slipped on worries an intensifying Sino-U.S. trade tussle and Washington’s new tariff threats against Mexico could tip the global economy into a recession. (Reporting by Sangameswaran S in Bengaluru)

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