February 26, 2019 / 7:51 AM / a year ago

METALS-Copper slips from near 8-month high as base metals rally fades

 (Adds Shanghai closing prices, updates London prices)
    BEIJING, Feb 26 (Reuters) - London copper edged lower on
Tuesday as investors awaited their next cue, after a rally
driven by signs of dwindling stocks and progress in U.S.-China
trade talks had seen prices rise for eight of the past nine
    Copper touched a near eight-month high on Monday, rising
above $6,500 a tonne for the first time this year after U.S.
President Donald Trump deferred a planned hike in tariffs on
Chinese goods.
    "I think maybe there's some profit taking. Investors wanted
to wait for some news flow going forward," said Helen Lau, an
analyst at Argonaut Securities.
    Despite the "slight pullback," there has been no real change
in momentum for copper so far, Lau said, noting that top
consumer China had imported and stockpiled a lot of metal before
the Lunar New Year holiday earlier this month.
    If China's copper demand picks up at pace post-holiday and
there are further supply constraints in Indonesia and Peru,
prices will see more support, Lau added. 
    * LME COPPER: Three-month copper on the London Metal
Exchange had fallen 0.2 percent to $6,466 a tonne by
0729 GMT, after ending fractionally higher in the previous
session, when it hit $6,540 a tonne, the highest since July 4.
    * SHFE COPPER: The most-traded April copper contract on the
Shanghai Futures Exchange closed down 0.2 percent at
50,190 yuan ($7,497.09) a tonne.
    * COPPER STOCKS: On-warrant LME copper inventories
MCUSTX-TOTAL available to the market fell by 6,350 tonnes to
33,450 tonnes, the lowest level since August 2005.
    * PERU: Chinese miner MMG Ltd said on Monday it
will have to delay some shipments of copper concentrate from
Matarani Port in Peru due to a blockade by an indigenous
community of a road used to transport copper from the company's
Las Bambas mine.
    * TECHNICALS: LME copper may break a resistance at
$6,525 per tonne and rise to $6,662 in a week, as suggested by
its wave pattern and a projection analysis.
    * OTHER METALS: Base metals were lower across the board,
with zinc and lead falling furthest. Zinc, used to galvanise
steel, shed 0.8 percent in Shanghai and was down 0.6
percent in London. 
    * For the top stories n metals and other news, click       
    *  Asian shares lost steam after scaling a five-month high
as investors waited to see if Washington and Beijing can clinch
a trade deal.    
 BASE METALS PRICES                       0730 GMT
 Three month LME copper                     6468.5
 Most active ShFE copper                     50190
 Three month LME aluminium                    1902
 Most active ShFE aluminium                  13695
 Three month LME zinc                         2701
 Most active ShFE zinc                       21700
 Three month LME lead                       2069.5
 Most active ShFE lead                       17025
 Three month LME nickel                      12950
 Most active ShFE nickel                    101890
 Three month LME tin                         21670
 Most active ShFE tin                       151550
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER              LMESHFCUc3   -131.26
 LME/SHFE ALUMINIUM           LMESHFALc3  -1100.05
 LME/SHFE ZINC                LMESHFZNc3    113.53
 LME/SHFE LEAD                LMESHFPBc3     428.2
 LME/SHFE NICKEL              LMESHFNIc3   5346.43
 ($1 = 6.6946 Chinese yuan renminbi)

 (Reporting by Tom Daly; Editing by Rashmi Aich)
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