December 18, 2018 / 2:11 AM / in 2 months

METALS-London copper steadies as low stocks support

MELBOURNE, Dec 18 (Reuters) - London copper traded sideways on Tuesday, as concerns that global trade ructions would cool China’s economic growth were offset by a drop in stocks held on exchange.

FUNDAMENTALS

* London Metal Exchange copper steadied on Tuesday, having edged up by 0.2 percent to $6,132.50 a tonne by 0145GMT, after closing little changed in the previous session. Prices are set to end down 1 percent for December and 15 percent for the year.

* Shanghai Futures Exchange copper was little changed at 49,060 yuan ($7,123) a tonne.

* CHINA ECONOMY: China should lower next year’s growth target to 6.0-6.5 percent as headwinds, including a trade dispute with the United States, increases risks for the economy, according to government advisers’ recommendations to top leaders who will meet to map out the 2019 economic agenda. * TRADE: The United States has welcomed Chinese concessions since the two declared a trade war truce in early December, but trade experts and people familiar with negotiations say Beijing needs to do far more to meet U.S. demands for long-term change in how China does business.

* COPPER STOCKS: Offering price support to copper, stocks MCUSTX-TOTAL on the LME are sitting at 121,800 tonnes, having last week dipped below 120,000 to the least in more than a decade, even as stricter regulation and costs have encouraged some owners of metal to hold their stocks off exchange.

* LEAD PRODUCTION: China’s lead output in November rose by 18.3 pct year on year to 484,000 tonnes, National Bureau of Statistics data showed on Monday. The figure is the highest monthly total in records going back to 1995.

* LEAD STOCKS: Lead stocks in Shanghai warehouses PB-STX-SGH have doubled since the start of December to more than 16,000 tonnes. Rising production and a jump in stocks suggests prices may moderate in coming weeks.

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MARKETS NEWS

* Asian share markets stumbled on Tuesday as heightened concerns about a slowing global economy sent Wall Street stocks skidding to their lowest levels in more than a year.

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 = 6.8873 Chinese yuan)

Reporting by Melanie Burton; Editing by Rashmi Aich

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