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