August 15, 2019 / 1:52 AM / a month ago

METALS-Copper edges down on recession fears, weak China data

    BEIJING, Aug 15 (Reuters) - Copper prices lost ground in
London and Shanghai in early trade on Thursday, weighed down by
growing fears of a global recession and weak industrial output
growth in top metals consumer China.  
    Yields on 10-year U.S. Treasury notes fell below the
two-year yield, intra-day, for the first time since 2007 on
Wednesday, in what is known as a yield curve inversion and
widely seen by investors as a sign that a recession is coming.
     
    
    FUNDAMENTALS
    * COPPER: Three-month copper on the London Metal Exchange
 fell 0.2% to $5,753.50 a tonne as of 0139 GMT, after
closing down 1.1% on Wednesday. The most-traded October copper
contract on the Shanghai Futures Exchange slipped 0.8%
to 46,360 yuan ($6,598.16) a tonne.
    * CHINA: China's economy stumbled more sharply than expected
in July, with industrial output growth cooling to a more than
17-year low, as the intensifying U.S. trade war took a heavier
toll on businesses and consumers.
    * CODELCO: The incoming CEO of Chile's state copper miner
Codelco is "optimistic" about the red metal's long-term market
price despite the global volatility caused by the U.S.-China
trade war.
    * VEDANTA: Zambia's President Edgar Lungu met with the
chairman of Vedanta Resources to discuss the disputed
liquidation of its Konkola Copper Mines, a statement issued by
the Zambian State House said.
    * OTHER METALS: The entire ShFE base metal complex was down
with the exception of aluminium, which added 0.5% amid
ongoing concerns of disruptions after floods in the smelting
heartland of Shandong. ShFE zinc shed 1%, while LME
nickel also eased 1% after hitting a 16-month high last
week on concerns Indonesia would expedite an ore export ban.
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Global stocks slumped to more than two-month lows in early
Asian trade, tracking the Wall Street slide as an inverted U.S.
bond yield curve sent a flashing warning to investors about
rising recession risks.    
        
    DATA AHEAD (GMT)
0830   UK         Retail Sales            July
0830   UK         Retail Sales Ex-Fuel        July
1000   EU         Reserve Assets Total      July
1230   US         Initial Jobless Claims         Weekly
1230   US         Philly Fed Business Index      Aug
1230   US         Retail Sales MM                July
1315   US         Industrial Production MM       July        
        
    PRICES    
 BASE METALS PRICES                       0138 GMT
 Three month LME copper                       5753
 Most active ShFE copper                     46350
 Three month LME aluminium                    1778
 Most active ShFE aluminium                  14215
 Three month LME zinc                         2272
 Most active ShFE zinc                       18605
 Three month LME lead                         2044
 Most active ShFE lead                       16540
 Three month LME nickel                      15805
 Most active ShFE nickel                    123070
 Three month LME tin                             0
 Most active ShFE tin                       133350
    


($1 = 7.0262 Chinese yuan renminbi)

 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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