March 9, 2018 / 2:10 AM / 10 days ago

METALS-London copper faces third weekly loss, U.S. tariffs in focus

    MELBOURNE, March 9 (Reuters) - London copper was facing its
third weekly loss on Friday as demand ramps up only slowly
following Lunar New Year holidays in China last month, with
investors focusing on escalating tensions over U.S. steel and
aluminium import tariffs.    
    * LONDON COPPER: London Metal Exchange copper was
trading little changed on Friday at $6838.50 a tonne by 0133
GMT, after 1.7 percent losses in the previous session when
prices sank to their weakest since Feb. 12 at $6,809. Prices are
set to log a weekly loss of less than 1 percent, meaning they
have dropped 5.5 percent so far this year. 
    * SHANGHAI COPPER: Shanghai Futures Exchange copper
fell 1 percent to 51,700 yuan ($8,156) a tonne.
    * U.S. DOLLAR: The euro fell on Thursday as European Central
Bank President Mario Draghi, while acknowledging faster growth
in Europe, said regional inflation remained subdued and rising
protectionism is a risk. 
    * OTHER METALS: It was a mixed session for other LME metals,
with lead up 0.8 percent, aluminium up 0.2
percent and nickel down 0.6 percent following a weak
start for iron ore.
    * TARIFFS: President Donald Trump pressed ahead with the
imposition of 25 percent tariffs on steel imports and 10 percent
for aluminium on Thursday but exempted Canada and Mexico,
backtracking from earlier pledges of tariffs on all countries.

    * CHINA REACTION: China's commerce ministry said on Friday
that it "resolutely opposed" the U.S. tariffs.

    * IMF: International Monetary Fund Managing Director
Christine Lagarde said on Thursday that she feared a
"tit-for-tat" escalation of trade retaliation over the U.S.
tariffs that would sap business confidence and investment.

    * For the top stories in metals and other news, click       
    * Asian stock markets made guarded gains on Friday on news
North Korean leader Kim Jong Un had offered to stop nuclear and
missile testing and to arrange a meeting with U.S. President
Donald Trump.    
    0130  China Consumer prices Feb
    0130  China Producer prices Feb
    0630  Bank of Japan Governor Haruhiko Kuroda speaks to 
          reporters at the end of the central bank policy
    0700  Germany Industrial output Jan
    0700  Germany Trade data Jan
    0745  France Industrial output Jan
    1330  U.S. Nonfarm payrolls Feb
    1330  U.S. Unemployment rate Feb
    1330  Euro zone Employment Q1
    1500  U.S. Wholesale sales Jan
 BASE METALS PRICES                         0134 GMT         
 Three month LME copper                                6839.5
 Most active ShFE copper                                51750
 Three month LME aluminium                               2111
 Most active ShFE aluminium                             14270
 Three month LME zinc                                    3227
 Most active ShFE zinc                                  24925
 Three month LME lead                                  2357.5
 Most active ShFE lead                                  18505
 Three month LME nickel                                 13195
 Most active ShFE nickel                               100760
 Three month LME tin                                    21495
 Most active ShFE tin                                  146800
 BASE METALS ARBITRAGE                                       
 LME/SHFE COPPER                       LMESHFCUc3     1154.04
 LME/SHFE ALUMINIUM                    LMESHFALc3     -1294.3
 LME/SHFE ZINC                         LMESHFZNc3       616.5
 LME/SHFE LEAD                         LMESHFPBc3      226.45
 LME/SHFE NICKEL                       LMESHFNIc3     1641.18
($1 = 6.3389 Chinese yuan renminbi)

 (Reporting by Melanie Burton
Editing by Joseph Radford)
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