May 24, 2018 / 5:11 AM / a year ago

METALS-Shanghai copper slips after U.S. casts doubt on trade deal

 (Adds Shanghai closing prices, updates London prices)
    BEIJING, May 24 (Reuters) - Shanghai copper prices snapped a
five-day winning streak to end lower on Thursday, after U.S.
President Donald Trump said any trade deal with China would
"need a different structure" and Washington launched a probe
into auto imports that could lead to new tariffs. 
    Copper had rallied at the start of the week after U.S.
Treasury Secretary Steven Mnuchin said the prospect of a
U.S.-China trade war, following the imposition of U.S. tariffs
on steel and aluminium, was "on hold". 
    Industrial metals are suffering "under the risk-off tone in
the markets, following signs that trade negotiations between the
United States and China are not progressing as well as initially
thought," ANZ wrote in a note. 
    Copper is the "commodity most leveraged to the global
economic cycle," it said. 
    * SHFE COPPER: The most-traded July copper contract on the
Shanghai Futures Exchange shed 0.9 percent to close at
51,430 yuan ($8,053.81) a tonne.
    * LME COPPER: Three-month copper on the London Metal
Exchange shrugged off early losses to trade 0.2 percent
higher at $6,879.50 a tonne, by 0739 GMT. In the previous
session, it shed 1.6 percent. 
    * GRASBERG: Rio Tinto confirmed on Wednesday that
it was in discussions to sell its interest in the world's
second-largest copper mine to Indonesia's state mining holding
company Inalum. 
    * INDIA: One person died and others were wounded by gunfire
in southern India on Wednesday in fresh violence related to
protesters' demands that a copper smelter be shut on
environmental grounds. The day before at least 10 people were
killed by police during a mass demonstration against the plant.

    * RUSAL: Russian aluminium firm Rusal resumed
shipments to some customers last week following an extension of
the deadline for companies to wind down contracts with the
Russian company under U.S. sanctions, sources said.
    * RUSAL: Rusal, one of the world's biggest aluminium
producers, said on Thursday its chief executive and seven board
members have quit, and warned it may have problems servicing its
debt due to the impact of U.S. sanctions. 
    * ALUMINIUM: Aluminium was up 0.4 percent in London
at $2,279 a tonne after Rusal's warnings on its debt troubles.
The metal closed up 0.8 percent in Shanghai at 14,745
yuan a tonne. 
    For the top stories in metals and other news, click       
    Asian shares fell on Thursday after the U.S. government
launched a national security probe into car imports that could
lead to new tariffs, and President Donald Trump's comments
suggested setbacks in U.S.-China trade talks.
 BASE METALS PRICES                        0741 GMT
 Three month LME copper                      6875.5
 Most active ShFE copper                      51420
 Three month LME aluminium                     2278
 Most active ShFE aluminium                   14740
 Three month LME zinc                          3032
 Most active ShFE zinc                        23440
 Three month LME lead                        2500.5
 Most active ShFE lead                        20445
 Three month LME nickel                       14670
 Most active ShFE nickel                     108170
 Three month LME tin                          20550
 Most active ShFE tin                        148190
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     264.36
 LME/SHFE ALUMINIUM           LMESHFALc3   -2194.03
 LME/SHFE ZINC                LMESHFZNc3     414.53
 LME/SHFE LEAD                LMESHFPBc3     182.11
 LME/SHFE NICKEL              LMESHFNIc3   -2919.35

($1 = 6.3858 Chinese yuan)

 (Reporting by Tom Daly; Editing by Tom Hogue and Sherry
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