METALS-Copper falls for 2nd day on U.S.-China commerce tensions


 (Provides quotes, updates costs)
    By Mai Nguyen
    SINGAPORE, Nov 21 (Reuters) - Copper costs fell for a
second session on Wednesday as commerce tensions between the United
States and China escalated forward of an anticipated high-stakes
assembly between the 2 nations subsequent week.
    The US administration on Tuesday mentioned China has
failed to change its "unfair" practices, including to tensions forward
of the assembly later this month between U.S. President Donald
Trump and Chinese language President Xi Jinping.             
    All base metals contracts on the Shanghai Futures Alternate
misplaced floor after turbulent commerce on Tuesday with U.S. shares
and international oil market tumbling amid issues over international
financial progress.
    However the Shanghai market is anticipated to be subdued later this
week as a result of a Thanksgiving vacation in the USA on
Thursday and as buyers keep on the sidelines forward of the
Trump-Xi talks, mentioned analyst Helen Lau of Argonaut Securities.
    
    COPPER: London's three-month copper on the London Metallic
Alternate         was down 0.1 p.c at $6,176.5 a tonne by
0425 GMT, whereas Shanghai copper          hit its lowest in
practically every week in early commerce at 48,740 yuan ($7,018.71) a tonne.
    ZINC: Shanghai zinc          misplaced 2.three p.c whereas London
three-month zinc         eased 0.three p.c, to be down 23
p.c to this point this yr, Refinitiv Eikon information confirmed. Zinc fell
on weaker Chinese language vehicle utilization in October and a
faster-than-expected rise in mined zinc provide, Argonaut's Lau
mentioned.
    ALUMINIUM: International major aluminium output rose to five.414
million tonnes in October from 5.301 million tonnes in
September, information from the Worldwide Aluminium Institute (IAI)
confirmed on Tuesday.              Shanghai aluminium         
touched its lowest since October 2016 in early commerce of 13,625
yuan.
    MEXICO-US: Mexico expects Washington to start lifting metal
and aluminium tariffs towards it later this month, when Canada,
Mexico and the USA are slated to signal a revamped commerce
deal, the Mexican ambassador to the USA advised McClatchy
on Monday.             
    WEAKER STEEL: Japan's prime steelmaker Nippon Metal & Sumitomo
Metallic Corp          is bracing for a weaker metal market in Asia
as a result of the escalating Sino-U.S. commerce struggle might crimp metal
demand in prime purchaser China and in Southeast Asia, a senior
govt mentioned.                     
        
    PRICES    
    Three month LME copper                  
    Most energetic ShFE copper                  
    Three month LME aluminium               
    Most energetic ShFE aluminium               
    Three month LME zinc                    
    Most energetic ShFE zinc                    
    Three month LME lead                    
    Most energetic ShFE lead                    
    Three month LME nickel                 
    Most energetic ShFE nickel                   
    Three month LME tin                     
    Most energetic ShFE tin                             
    
    ARBS
                
                
                
                
                

($1 = 6.9443 Chinese language yuan)

    
 (Reporting by Mai Nguyen; enhancing by Richard Pullin)
  
 
 

Author: Maxwell C.

Leave a Reply

Your email address will not be published. Required fields are marked *