December 5, 2019 / 7:18 AM / 3 months ago

METALS-London copper slips as trade-deal doubts linger

 (Updates prices)
    MANILA, Dec 5 (Reuters) - Benchmark London copper prices
dipped on Thursday amid scepticism over the chances for a
near-term preliminary trade deal between Washington and Beijing,
despite U.S. President Donald Trump sounding positive again
about the prospects.
    Three-month copper on the London Metal Exchange         was
down 0.2% at $5,873 a tonne, as of 0701 GMT, surrendering some
of the gains from the previous session.
    The most-traded copper contract on the Shanghai Futures
Exchange          ended up 0.5% at 47,200 yuan ($6,705.59) a
tonne, rebounding after four straight sessions of declines. 
    Clouding prospects for a near-term trade deal, China warned
on Wednesday that U.S. legislation calling for a tougher
response to Beijing's treatment of its Uighur Muslim minority
will affect bilateral cooperation.             
    The warning came amid conflicting signals from Trump on the
trade talks, which he said on Wednesday were going "very well",
a day after suggesting that a deal might have to wait until
after the 2020 U.S. presidential election.             
    "The on/off noise we continue to hear on this subject is
unlikely to disappear anytime soon and is set to continue
dictating broader market sentiment," ING analysts said in a
note.
    
    NICKEL: Brazil's Vale SA            plans to exit its
troubled New Caledonia assets, but still aims to ramp up nickel
output ahead of rising demand for electric batteries. 
            
    COBALT: South Korean battery maker SK Innovation            
has signed a six-year deal to buy up to 30,000 tonnes of cobalt
from miner Glencore         , allowing it to produce batteries
for 3 million electric vehicles.             
    COPPER: Aurubis AG          , Europe's biggest copper
smelter, said an accident at its plant in Olen in Belgium in
November has disrupted copper production but that deliveries to
customers are continuing normally.             
    SCRAPS: China has issued a seventh batch of import quotas
for scrap metal, including 17 quotas for a total of 7,970 tonnes
of high-grade copper scrap.             
    PRICES: London nickel         edged up 0.2%, but Shanghai
nickel          dropped 1.3%, declining for an eighth straight
session amid an oversupply of stainless steel in China. Shanghai
zinc          climbed 1.3%, while London zinc         was up
0.3%.
     
    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 Sriraj Kalluvila and
Sherry Jacob-Phillips)
  
 
 
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