Base metal prices mixed after G7 trade tensions



BEIJING, June 11 (Reuters) – Base metal prices were mixed in early trade on Monday as positive sentiment over strong import data in China, the world’s biggest metals consumer, was tempered by renewed fears of a trade war amid a lack of consensus at the G7 summit in Canada. China’s copper imports in May reached their highest monthly total since December 2016, according to customs data released on Friday. FUNDAMENTALS * SHFE COPPER: The most-traded August copper contract on the Shanghai Futures Exchange was trading higher for a seventh straight day and was up 0.2 percent at 54,240 yuan ($8,467.33) a tonne at 0150 GMT. * LME COPPER: Three-month copper on the London Metal Exchange edged down 0.3 percent to $7,287 a tonne, extending a 0.3-percent drop from Friday after hitting a 4-1/2-year high on Thursday on Chile supply fears. * ESCONDIDA: The union at BHP’s Escondida copper mine in Chile said on Friday that it saw a “favourable scenario” for reaching a deal on a new labour contract with the company, citing higher copper prices. * TARIFFS: Europe will implement counter-measures against U.S. tariffs on steel and aluminium just like Canada, German Chancellor Angela Merkel said on Sunday, voicing regret about President Donald Trump’s abrupt decision to withdraw support for a G7 communique. * RUSAL: Rusal’s exports and finances will take another hit if Russian tycoon Oleg Deripaska is unable to persuade Washington to lift sanctions on the aluminium producer by late August, three industry sources said. * ALUMINIUM: The most traded August aluminium contract on the ShFE slipped 0.3 percent to 14,905 yuan a tonne. Aluminium in London, however, was up 0.4 percent. * For the top stories in Gold Bullion | Gold Coins | Texas Precious Metals and other news, click or MARKETS NEWS * Asian stocks moved gingerly on Monday as a weekend G7 summit fanned trade conflict fears after U.S. President Donald Trump backed out of a joint communique in a blow to the group’s efforts to show a united front. PRICES BASE METALS PRICES 0151 GMT Three month LME copper 7281.5 Most active ShFE copper 54190 Three month LME aluminium 2310 Most active ShFE aluminium 14910 Three month LME zinc 3192 Most active ShFE zinc 24400 Three month LME lead 2484 Most active ShFE lead 20495 Three month LME nickel 15455 Most active ShFE nickel 116030 Three month LME tin 21085 Most active ShFE tin 152270 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 -177.92 LME/SHFE ALUMINIUM LMESHFALc3 -2350.46 LME/SHFE ZINC LMESHFZNc3 126.92 LME/SHFE LEAD LMESHFPBc3 617.62 LME/SHFE NICKEL LMESHFNIc3 -1325.51 ($1 = 6.4058 Chinese yuan renminbi) (Reporting by Tom Daly)


Last modified: July 10, 2018

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