May 22, 2020 / 1:51 AM / 15 days ago

METALS-Copper prices fall as U.S.-China friction intensifies

SINGAPORE, May 22 (Reuters) - Copper prices fell on Friday as mounting Sino-U.S. tensions and concerns about a rebound from the coronavirus-led economic slump curbed risk appetite and demand for metals.

Three-month copper on the London Metal Exchange (LME) was down 0.4% at $5,369.50 a tonne, as of 0120 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange (ShFE) declined 0.9% to 43,810 yuan ($6,158.45) a tonne.

Asian shares were set for another retreat after China’s plans to impose a new national security legislation on Hong Kong drew a warning from U.S. President Donald Trump that Washington would react “very strongly” against the attempt.

Tensions stoked worries that a U.S.-China “Phase 1” trade deal could be threatened. China, the world’s biggest metals consumer, said it will not start any trouble but will not flinch from any escalation either.

FUNDAMENTALS

* CHINALCO: Chinese state-owned firm Chinalco’s general manager called on China to rein in “blind expansion” of copper smelting capacity.

* CONSTANCIA: Canadian miner Hudbay Minerals Inc expects a delay of up to four months before it can start mining an extension at its Constancia copper mine in Peru.

* OTHER PRICES: LME nickel dropped 2.3% to $12,480 a tonne, zinc fell 1% to $1,964.50, while ShFE aluminium declined 0.2% to 12,825 yuan a tonne and ShFE nickel decreased 1.6% to 102,790 yuan a tonne.

* For the top stories in metals and other news, click or

DATA/EVENTS (GMT)

0600 UK Retail Sales MM, YY April

0600 UK Retail Sales Ex-Fuel MM April

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

$1 = 7.1138 yuan Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below