Home Foreign METALS-Base metal prices slump as new U.S. tariff threat looms

METALS-Base metal prices slump as new U.S. tariff threat looms

  BEIJING    -    Base metals prices fell sharply
in early Asian trade on Monday on reports that U.S. tariffs on
$200 billion of Chinese goods could be imposed immediately.
    The tit-for-tat trade row between the world's top two
economies has left investors fearing that demand for industrial
metals will soften. 
   * COPPER: Three-month copper on the London Metal Exchange
 fell as much as 1.9 percent to $5,861.50 a tonne and
stood at $5,890 a tonne as of 0136 GMT, after shedding 1 percent
on Friday. The most-traded November copper contract on the
Shanghai Futures Exchange slipped 1.4 percent to 47,940
yuan ($6,977.86)a tonne.
    * TARIFFS: U.S. President Donald Trump is likely to announce
new tariffs on about $200 billion on Chinese imports as early as
Monday, a senior administration official told Reuters on
    * OTHER METALS: LME nickel fell furthest, tumbling
as much as 3.2 percent overnight to $12,250 a tonne, its lowest
since Sept. 12, before trimming losses to around 2 percent. Only
Shanghai tin was in positive territory, inching up 0.1
    * TAXES: Chile's congress is studying a proposal for an
additional royalty payment for copper and lithium miners
operating in the country to bolster the development of the
regions around their deposits, according to a draft seen by
    * HYDRO/RIO: Norway's Hydro said on Friday it had
dropped plans to buy several of Rio Tinto's,
assets, including an aluminium plant in Iceland, after approval
from European Commission regulators took longer than
    * PERU: Brazilian mining company Nexa Resources,
MIL.LM plans to invest some $1.17 billion in copper and zinc
projects in Peru and Brazil over the next five years, the
company's general manager Ricardo Porta said on Friday.

    * DRC: The prime minister of Democratic Republic of Congo
will sign a decree in the coming days to designate cobalt and
other minerals as "strategic" and therefore subject to higher
royalties, Mines Minister Martin Kabwelulu said on Saturday.

    * For the top stories in metals and other news, click       
    * Asian share markets slipped on Monday amid reports
Washington was about to announce a new round of tariffs on
Chinese imports, setting the stage for possible reprisals by
    1230  U.S.    New York Fed manufacturing Sep
 BASE METALS PRICES                        0141 GMT
 Three month LME copper                        5893
 Most active ShFE copper                      47940
 Three month LME aluminium                   2021.5
 Most active ShFE aluminium                   14530
 Three month LME zinc                        2310.5
 Most active ShFE zinc                        20420
 Three month LME lead                          2028
 Most active ShFE lead                        18690
 Three month LME nickel                       12385
 Most active ShFE nickel                     102340
 Three month LME tin                          18925
 Most active ShFE tin                        144120
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     896.39
 LME/SHFE ALUMINIUM           LMESHFALc3   -1509.03
 LME/SHFE ZINC                LMESHFZNc3    1376.59
 LME/SHFE LEAD                LMESHFPBc3    1304.97
 LME/SHFE NICKEL              LMESHFNIc3    2928.06
 ($1 = 6.8703 Chinese yuan renminbi)

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