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BEIJING - Copper prices on the London Metal Exchange (LME) slipped for a second session on Thursday, after U.S. President Donald Trump said any trade deal with top metals consumer China would "need a different structure".
Copper had rallied at the start of the week after U.S. Treasury Secretary Steven Mnuchin said the prospect of a U.S.-China trade war was "on hold".
FUNDAMENTALS
* LME COPPER: Three-month copper on the LME had fallen 0.3 percent to $6,846 a tonne by 0147 GMT, extending a 1.6-percent drop from the previous session.
* SHFE COPPER: The most-traded July copper contract on the Shanghai Futures Exchange dropped by 1 percent to 51,340 yuan ($8,032.29) a tonne, snapping a five-day winning streak.
* GRASBERG: Global miner Rio Tinto Ltd confirmed on Wednesday that it was in discussions to sell its interest in the world's second largest copper mine to Indonesia's state mining holding company Inalum.
* INDIA: One person died and others were wounded by gunfire in southern India on Wednesday in fresh violence related to protesters' demands that a copper smelter be shut on environmental grounds.
* RUSAL: United Company Rusal resumed shipping aluminium to some customers last week following an extension of the deadline for companies to wind down contracts with the Russian firm under U.S. sanctions, sources said.
Meanwhile, the CEO of Russia's VTB Bank, Andrey Kostin, said on Wednesday the bank was ready to give aluminium producer Rusal more time to make repayments on its loans, TASS news agency reported.
MARKETS NEWS
* Asian shares moved lower on Thursday as investors fretted about the possible new setbacks in U.S.-China trade talks, but negative sentiment was tempered by U.S. Federal Reserve meeting minutes suggesting it would not raise the tempo at which it increases interest rates.
DATA AHEAD (GMT)
0600 Germany Detailed GDP Q1
0600 Germany GfK consumer sentiment Jun
0645 France Business climate May
1130 European Central Bank releases April meeting minutes
1230 U.S. Weekly jobless claims
1300 U.S. Monthly home price index Mar
1400 U.S. Existing home sales Apr
PRICES
BASE METALS PRICES 0153 GMT
Three month LME copper 6850
Most active ShFE copper 51340
Three month LME aluminium 2272.5
Most active ShFE aluminium 14650
Three month LME zinc 3020.5
Most active ShFE zinc 23415
Three month LME lead 2480
Most active ShFE lead 20475
Three month LME nickel 14585
Most active ShFE nickel 107920
Three month LME tin 20585
Most active ShFE tin 147350
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 344.62
LME/SHFE ALUMINIUM LMESHFALc3 -2243
LME/SHFE ZINC LMESHFZNc3 459.37
LME/SHFE LEAD LMESHFPBc3 310.76
LME/SHFE NICKEL LMESHFNIc3 -2573.2
($1 = 6.3917 Chinese yuan renminbi)
(Reporting by Tom Daly Editing by Joseph Radford)
© Reuters News 2018