By James Regan
SYDNEY, Aug 11 (Reuters) - Chinese base metals traded lower on Friday, pressured by uncertainty over U.S.-North Korea tensions that was shifting investment into gold and low-risk instruments.
“Rising geopolitical tension was once again the dominant theme in commodity markets,” ANZ Bank said in a report.
North Korea said it was completing plans to fire four intermediate-range missiles over Japan to land near the U.S. Pacific island territory of Guam.
* LONDON COPPER: Three-month copper on the London Metal Exchange slipped 1 percent to $6,356 a tonne by 0700 GMT, extending losses from the previous session.
* SHANGHAI COPPER: The most-traded copper contract on the Shanghai Futures Exchange dropped nearly 2 percent to 49,970 yuan ($7,493.44) a tonne.
* LEAD DROPS: ShFE lead was also a big loser, falling 2.3 percent. LME lead was down 1 percent, distancing the contract further from six-month highs hit earlier in the week.
* TRUMP: U.S. President Donald Trump ratcheted up his rhetoric against North Korea and its leader on Thursday, warning Pyongyang against attacking Guam or U.S. allies after it disclosed plans to fire missiles over Japan to land near the U.S. Pacific territory. * GOLD UP: Gold prices held steady after touching their highest in over two months on Friday and were on track for a weekly gain, buoyed as rising tensions between the United States and North Korea triggered safe-haven buying.
* LOW RISK: Stock funds in the United States posted $2.8 billion in withdrawals during the seven days through Aug. 9, marking the largest outflows in five weeks. Nearly $31 billion moved into relatively low-risk money market funds, the strongest figure since 2013. About $4 billion moved into taxable and municipal bonds, according to the research service.
* ELECTRIC CARS: Mining group Glencore raised earnings guidance for its trading business, citing higher commodity prices, and said on Thursday increased take-up of electric vehicles and demand for energy storage would boost demand for its products.
* ALUMINIUM SUPPLIES: Worries about supplies from top producer China have been reinforced by Shandong province, which this week ordered the closure of 3.21 million tonnes of aluminium capacity.
* ENVIRONMENT: The shutdowns come as China’s Ministry of Environmental Protection (MEP) said it was embarking on its fourth round of environmental inspections across eight provinces and regions, including Shandong.
ShFE aluminium ended 0.56 percent lower, while LME aluminium dropped 0.3 percent to $2,014 a tonne.
ShFE zinc closed 2.08 percent lower.
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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 = 6.6685 Chinese yuan)
Reporting by James Regan; Editing by Richard Pullin and Sunil Nair