July 16, 2020 / 2:00 AM / 20 days ago

METALS-London copper flat ahead of China economic data

July 16 (Reuters) - London copper was little changed on Thursday as investors waited for key China economic data that could shed light on demand in the world’s top metals consumer, though U.S.-China tensions and rising global COVID-19 cases kept market sentiment subdued.

Benchmark copper on the London Metal Exchange was virtually unchanged at $6,385 a tonne by 0123 GMT.

The most-traded copper contract on the Shanghai Futures Exchange, however, fell as much as 3.1% to 50,770 yuan ($7,264.79) a tonne.

Chinese data on urban investment and industrial output for June and gross domestic product for the second quarter is expected to show improvement as the country has taken several steps to revive its economy after containing the virus outbreak.

FUNDAMENTALS

* POLL: A sizzling rally that pushed copper prices to two-year highs will lose some of its heat in the coming months as investors take a hard look at supply and demand fundamentals.

* CHILE: Chile’s Antofagasta and unionized workers at its Zaldívar mine entered into mediation with the government on Wednesday in a last-ditch effort to stave off a strike.

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

MARKETS NEWS

* Asian shares look set to continue a march upwards as optimism over a coronavirus vaccine carry weight over the ongoing spread of the disease and simmering U.S.-China tensions.

DATA/EVENTS AHEAD (GMT)

0130 Australia Employment, Unemployment Rate June

0200 China Urban Investment YTD, YY June

Industrial Output YY

Retail Sales YY

GDP YY Q2

0600 UK Claimant Count Unemployment June

ILO Unemployment Rate May

0645 France CPI (EU Norm) Final MM, YY June

1145 EU ECB Refinancing Rate, Deposit Rate July

1230 Germany The European Central Bank holds a press

conference on the outcome of the meeting

of the Governing Council

1230 US Initial Jobless Claim weekly

Philly Fed Business Index July

Retail Sales MM June

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 = 6.9885 yuan) (Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu)

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