November 21, 2018 / 1:33 AM / in 20 days

METALS-Copper down for second day as U.S.-China trade tensions linger

    SINGAPORE, Nov 21 (Reuters) - London copper prices eased on
Wednesday as tensions between the United States and China
escalated ahead of a major meeting between the two presidents
next week.
    The United States administration on Tuesday said China has
failed to alter its "unfair" practices, adding to tensions ahead
of a high-stakes meeting later this month between U.S. President
Donald Trump and Chinese President Xi Jinping.             
    
    FUNDAMENTALS
    * Three-month copper on the London Metal Exchange        
was down 0.2 percent at $6,170 a tonne, as of 0117 GMT, while
base metals on the Shanghai Futures Exchange lost ground, with
copper          slipped 1.3 percent to 49,150 yuan ($7,077.24) a
tonne.
    * "The collapse in oil prices also reverberated through the
sector, with a risk-off tone pushing copper prices back below
$6,200/T," ANZ said in a note.
    * U.S. oil prices stabilised on Wednesday after slumping
more than 6 percent the previous day, with some support coming
from a report of an unexpected drop in U.S. commercial crude
inventories.      
    * Global primary aluminium output rose to 5.414 million
tonnes in October from 5.301 million tonnes in September, data
from the International Aluminium Institute (IAI) showed on
Tuesday.             
    * Japan's top steelmaker Nippon Steel & Sumitomo Metal Corp
         is bracing for a weaker steel market in Asia because
the escalating Sino-U.S. trade war may crimp steel demand in top
buyer China and in Southeast Asia, a senior executive said.
            
    * Mexico expects Washington to begin lifting steel and
aluminium tariffs against it later this month, when Canada,
Mexico and the United States are slated to sign a revamped trade
deal, the Mexican ambassador to the United States told McClatchy
on Monday.             
    * For the top stories in metals and other news, click       
          or             
        
    MARKETS NEWS    
    * Asian stocks fell on Wednesday, weighed by a renewed bout
of selling on Wall Street, and crude oil struggled after a sharp
slide as economic growth concerns gripped global markets.
               
        
    DATA AHEAD (GMT)
    1330  U.S.       Durable goods                 Oct
    1330  U.S.       Weekly jobless claims
    1500  U.S.       Existing home sales           Oct
    1500  U.S.       Leading index                 Oct    
        
    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
                
                
                
                
                


    ($1 = 6.9448 Chinese yuan)

    
 (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)
  
 
 
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