December 4, 2019 / 2:38 AM / 12 days ago

METALS-Nickel extends losses amid fears of longer Sino-U.S. trade war

    MANILA, Dec 4 (Reuters) - Nickel prices slid on Wednesday,
with the Shanghai benchmark hitting its lowest in more than four
months, as the metal extended losses on lingering concerns over
global tariffs and dimming hopes for a preliminary U.S.-China
trade deal.
    
    FUNDAMENTALS
    * Three-month nickel on the London Metal Exchange        
was down 1% at $13,245 a tonne, as of 0214 GMT, extending
declines from Tuesday.
    * The most-traded nickel contract on the Shanghai Futures
Exchange          slid as much as 3.9% to 104,050 yuan 
($14,782.14) a tonne, its weakest since July 30. 
    * U.S. President Donald Trump said on Tuesday a trade deal
with China might have to wait until after the U.S. presidential
election in November 2020, denting hopes that the two largest
economies would soon reach an initial deal to ease their
damaging trade war.             
    * U.S. Commerce Secretary Wilbur Ross on Tuesday rejected
any deadlines on a trade deal with China and launched a fresh
attack on telecoms company Huawei         , further dimming
hopes for an end to a 17-month trade war that has slowed global
growth.             
    * Trump ambushed Brazil and Argentina on Monday, announcing
tariffs on U.S. steel and aluminum imports from the two
countries in a measure that shocked South American officials and
left them scrambling for answers.             
    * Low inventories across the copper supply chain mean that
any resolution to the U.S.-China trade war could trigger a snap
rally in prices as consumers rush to restock, market
participants said on Tuesday.             
    * Glencore          could announce a new chief executive
next year once a new management team is in place, its current
boss told an investor meeting on Tuesday as the commodities
giant laid out its priorities for 2020.             
    * Rio Tinto Plc                  said on Tuesday it would
spend $1.5 billion to expand its Kennecott copper mine in Utah,
part of a growing trend by miners to invest in strategic mineral
projects across the United States.             
    * For the top stories in metals and other news, click       
          or             
        
    MARKETS NEWS    
    * Asian shares extended their losses on Wednesday after
Trump's comments dashed market hopes for a quick preliminary
agreement with Beijing.                
        
    DATA/EVENTS
    0030   Japan       Services PMI                   Nov
    0030   Australia   Real GDP QQ, YY SA             Q3
    0145   China       Caixin Services PMI            Nov
    0500   India       IHS Markit Svcs PMI            Nov
    0850   France      Markit Serv, Comp PMIs         Nov
    0855   Germany     Markit Srvices PMI             Nov
    0855   Germany     Markit Comp Final PMI          Nov
    0900   EU          Markit Serv, Comp Final PMIs   Nov
    0930   UK          Reserve Assets Total           Nov
    1445   US          Markit Svcs, Comp Final PMIs   Nov
    
    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 = 7.0389 yuan)
    

 (Reporting by Enrico dela Cruz, Editing by Sherry
Jacob-Phillips)
  
 
 
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