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London copper prices edged down on Tuesday, extending a sharp drop from the previous session after economic growth in top metals consumer China slowed to its weakest in 28 years.
FUNDAMENTALS
LME COPPER: Three-month copper on the London Metal Exchange was down 0.2 percent at $5,971 a tonne by 0207 GMT, after ending down 1.2 percent in the previous session.
SHFE COPPER: The most-traded March copper contract on the Shanghai Futures Exchange fell by 0.8 percent to 47,590 yuan ($7,003.58) a tonne, snapping four straight days of gains.
COPPER: The global world refined copper market showed a 15,000-tonne deficit in October, compared with a 161,000-tonne deficit in September, the International Copper Study Group (ICSG) said in its latest monthly bulletin.
ZAMBIA: Barrick Gold Corp said on Monday that it was considering all options for the Lumwana copper mine in Zambia as the African nation's proposed new mining taxes would make it challenging to generate adequate returns for all its stakeholders.
WAREHOUSING: Years after sweeping reform aimed at eliminating logjams in warehouses that collect rent for storing metal, a firm is preventing companies from getting material when they need it from a Malaysian port, five sources close to the matter said.
ZINC: The global zinc market deficit widened to 96,600 tonnes last November from a revised deficit of 52,000 tonnes in October, data from the International Lead and Zinc Study Group (ILZSG) showed on Monday.
MARKETS NEWS
Asian shares and U.S. stock futures slipped on Tuesday amid signs of pessimism about world growth, while sterling dithered as the latest plan for Brexit appeared to come and go with no progress.
DATA/EVENT AHEAD (GMT)
0930 Britain Unemployment Claimant Count Dec
0930 Britain ILO Unemployment Rate Nov
0930 Britain Avg Wk Earnings Nov
1000 Germany ZEW Economic Sentiment Jan
1000 Germany ZEW Current Conditions Jan
1500 U.S. Existing Home Sales Dec
World Economic Forum begins in Davos, Switzerland
PRICES
BASE METALS PRICES 0207 GMT
Three month LME copper: 5972
Most active ShFE copper: 47580
Three month LME aluminium: 1853
Most active ShFE aluminium: 13435
Three month LME zinc: 2561
Most active ShFE zinc: 21315
Three month LME lead: 2009
Most active ShFE lead: 17660
Three month LME nickel: 11765
Most active ShFE nickel: 94940
Three month LME tin: 20660
Most active ShFE tin: 149020
BASE METALS ARBITRAGE
LME/SHFE COPPER - LMESHFCUc3: 427.91
LME/SHFE ALUMINIUM - LMESHFALc3: -1180.3
LME/SHFE ZINC - LMESHFZNc3: 485.78
LME/SHFE LEAD - LMESHFPBc3: 1041.75
LME/SHFE NICKEL -LMESHFNIc3: 1351.26
($1 = 6.7951 Chinese yuan renminbi)
(Reporting by Tom Daly; Editing by Joseph Radford)
© Reuters News 2019