July 17, 2020 / 2:42 AM / 20 days ago

METALS-London copper dips as U.S.-China tensions weigh

SINGAPORE, July 17 (Reuters) - London copper dipped on Friday as heightened Sino-U.S. tensions sparked worries of a tit-for-tat retaliation that could dampen economic growth and demand for metals.

The Trump administration is considering to ban travel to the United States by all members of the Chinese Communist Party and their families, a person familiar with the matter said on Thursday.

Three-month copper on the London Metal Exchange fell $0.1% to $6,431 a tonne by 0212 GMT, still up 0.3% for the week and set for its ninth straight weekly rise. The contract hit its highest in nearly 25 months on Monday.

The most-traded August copper contract on the Shanghai Futures Exchange rose 0.7% to 51,630 yuan ($7,371.92) a tonne, tracking overnight gains in London.

China, the world’s top copper consumer, posted a stronger-than-expected economic growth in the second quarter, keeping bullish sentiment and prices in check.

FUNDAMENTALS

* OTHER METALS: LME aluminium eased 0.5% to $1,662 a tonne, zinc decreased 1% to $2,202.50 a tonne, while Shanghai lead fell 1.3% to 14,900 yuan a tonne and Shanghai aluminium dropped 0.8% to 14,080 yuan a tonne.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian markets appear set to open with a firmer tone, shrugging off an overnight fall in U.S. stocks as the United States prepares to debate fresh economic stimulus to see the country through its coronavirus outbreak.

DATA/EVENTS AHEAD (GMT)

0900 EU HICP Final MM, YY June

1000 UK Bank of England Governor Andrew Bailey speaks

to Citizens’ Panel Open Forum

1230 US Housing Starts Number June

1400 US U Mich Sentiment Prelim July

— Russia Industrial Output June

$1 = 7.0036 yuan Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips

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