SINGAPORE, May 24 (Reuters) - Copper prices rebounded on Friday from their lowest since Jan. 14 hit in the previous session, as the U.S. dollar eased, but were heading for their sixth straight week of losses on a prolonged U.S.-China trade war.
U.S. President Donald Trump said on Thursday Huawei could be included in the U.S.-China trade deal after last week banned U.S. firms from doing business with the Chinese company, which is the world’s largest telecoms network gear maker.
The metals market gained some support as the dollar fell from a two-year high overnight and was largely unchanged on Friday, on fears that a trade war with China will hurt the U.S. economy more than expected and on expectations of a rate cut.
A weaker dollar makes dollar-denominated metals cheaper to imports using other currencies.
* Three-month copper on the London Metal Exchange rose 0.4% to $5,950.50 a tonne by 0155 GMT, while the most-traded copper contract on the Shanghai Futures Exchange advanced 0.4% to 46,980 yuan ($6,798.25) a tonne.
* London aluminium rose 0.5%, nickel increased 0.3%, zinc edged up 0.2%, and lead was 0.6% higher.
* Shanghai aluminium rose 0.5%, nickel eased 0.1% and zinc dropped as much as 1.9% to its lowest since Jan. 18 at 20,000 yuan a tonne.
* Chile’s SQM, the world’s No. 2 producer of lithium, said it would delay a key expansion of production capacity from the Atacama salt flat until the end of 2021 amid a slump in prices for the coveted battery metal.
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* Asian shares hobbled near four-month lows and crude oil plunged on worries the U.S.-China trade spat was developing into a more entrenched strategic dispute between the world’s two largest economies, pushing investors to safe-haven assets.
0830 UK Retail Sales MM YY April
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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 = 6.9106 Chinese yuan renminbi)
Reporting by Mai Nguyen; Editing by Rashmi Aich