METALS-Copper slides on new trade tensions, worries on China growth
Wednesday, August 1, 2018 - 8:23:30 PM
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Three-month copper on the London Metal Exchange was down 2.1 percent to $6,170 a tonne by 1410 GMT. Copper shed 4.9 percent in July, but recently rebounded from a one-year low of $5,988 touched on July 19.


* MANUFACTURING DATA: Factory growth stuttered across the world in July, heightening concerns about the global economic outlook as an intensifying trade conflict between the United States and China sent shudders through trading partners.
* ESCONDIDA: Investors seemed to brush off news about labour unrest in Chile. The union at Escondida, the world`s largest copper mine, said that an early, partial vote count on a final contract offer suggests its members will reject the offer and approve a strike.
* RUSAL: Aluminium fell 1.1 percent to $2,059 a tonne after the U.S. Treasury said it had extended a deadline for investors to divest holdings in Russia`s Rusal , which has been hit by U.S. sanctions, to Oct. 23 from Aug. 5.
* ZINC: LME zinc lost 2 percent to $2,572.50 a tonne. The speculative net short position has declined to 22 percent of open interest from a peak of 29 percent on July 17, broker Marex Spectron said in a note.


* ZINC SPREAD: The premium of cash zinc over the three-month contract rose to $64 a tonne, the highest since October last year, usually indicating tightness in nearby supplies. LME data shows that one player is holding a dominant position of over half of available inventories .


* PRICES: Nickel fell 1.4 percent to $13,840 a tonne, lead declined 1.1 percent to $2,131.50 and tin shed 0.8 percent to $19,930.



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