METALS-London zinc drops to 2-week low on U.S.-China trade woes


 (Adds details, quote) By Naveen Thukral Feb 12 (Reuters) - London zinc lost more ground on Tuesday,
falling for a third consecutive session to its lowest in more
than two weeks on concerns over U.S.-China trade dispute and
slowing global economic growth. Copper ticked higher after declining for the last three
sessions. U.S. and Chinese officials expressed hopes on Monday that a
new round of talks would bring them closer to easing their
seven-month trade war, but a U.S. Navy mission through the
disputed South China Sea cast a shadow over the negotiations in
Beijing. "Base metals suffered under the rising trade tension," ANZ
said in a note. "However, a stronger U.S. dollar also impacted
investor appetite." Asian shares barely budged with investors looking to a new
round of Sino-U.S. trade talks as the world's two largest
economies try to resolve a tariff dispute that has put a dent on
global growth and corporate earnings. ZINC: Three-month zinc on the London Metal Exchange was down 0.4 percent at $2,633 a tonne, as of 0259 GMT, after
falling earlier in the session to 2,626.50 a tonne, the weakest
since Jan. 25. Prices in Shanghai dropped 1.2 percent
to 21,585 yuan a tonne. COPPER: LME copper rose 0.1 percent to $6,153.50 a
tonne and Shanghai copper lost 0.1 percent to $48,300 a
tonne. MISSION: China expressed anger on Monday at the mission
through the disputed South China Sea after U.S. President Donald
Trump said last week that he did not plan to meet with Chinese
President Xi Jinping before a March 1 deadline for a trade deal. INVESTORS: Chinese investors, returning on Monday after a
week-long Lunar New Year holiday, seemed to focus more on
downbeat news rather than optimism expressed by China about the
new round of trade talks with the United States. CODELCO: There was further pressure on copper prices after
Chilean state miner Codelco said on Saturday it hoped to restart
operations soon at its Chuquicamata copper mine. DOLLAR: The dollar held close to its 2019 high on Tuesday as
U.S.-Sino trade tensions and global growth worries underpinned
the greenback's safe-haven appeal, while the euro and the
British pound were hurt by troubles of their own. PRICES Three month LME copper Most active ShFE copper Three month LME aluminium Most active ShFE aluminium Three month LME zinc Most active ShFE zinc Three month LME lead Most active ShFE lead Three month LME nickel Most active ShFE nickel Three month LME tin Most active ShFE tin ARBS (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips
and Subhranshu Sahu) 

Leave a Reply