Monday , January 25 2021

METALS: copper prices fall as US World War threatens growth | Metals and mining



SINGAPORE, November 22 (Reuters). Copper prices fell on Thursday, saying that some of the previous achievements of the session raised concerns about a slowdown in global economic growth amid a worsening trade war between Washington and Beijing.

The trend in trade and higher interest rates are slowing the global economy, although there are no signs of a sharp recession, according to a statement by the Organization for Economic Cooperation and Development (OECD) about lowering forecasts for next year to 3.5% from a previously forecasted 3.7%

The United States and China confronted on Wednesday at a meeting of the World Trade Organization (WTO) with a US envoy who accused Beijing of using the WTO to conduct "non-market" policies and a Chinese official who said that Washington ignored the rulebook.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange fell 0.1 percent to $ 6,229.50 per ton, as of 0223 GMT, while the most traded copper contract on the Shanghai Futures Exchange rose 0.2 percent to 49,510 yuan (7 $ 146.26) per ton.

* Anticipated avalanche expectations next year hit the nickel market due to new capacity in Indonesia, but analysts doubt that plans headed by Chinese firms can be implemented so quickly.

* Nickel reserves on the Shanghai Futures Exchange SNI-TOTAL-D fell to 14.911 tons on Wednesday, but still almost a three-month maximum. However, nickel stocks in the LME MNISTX-TOTAL warehouse are still below the five-year low.

* The most traded nickel contract on the Shanghai Futures Exchange lost 1.5 percent to 91,000 yuan per ton, bargaining at an 11-month low, while the three-month nickel contract in London fell 0.1 percent.

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MARKET NEWS

* Asian stocks moved cautiously on Thursday, while oil rebounded from a sharp sell-off, although rising US interest rates and exacerbated trading tensions kept financial markets on the verge of rising signs of slowing global growth.

DATA AHEAD (GMT)

0745 France Manufacturing business climate in November

1500 eurozone

PRICES

LME copper monthly

The most active copper SHFE

Three-month LME Aluminum

The most active aluminum SHFE

Three month LME zinc

Most active zinc zinc

LME 3 Month Limit

Most active lead SHFE

LME 3 Month Nickel

The most active nickel SHFE

Three Months LME Tin

Most Active ShFE Tin

ARBS

(1 USD = 6.9281 Chinese yuan)

Reporting May Nguyen, editing by Sherry Jacob-Phillips


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