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.
* For news in metals and other news press or
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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