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Most Shanghai metals ease on uncertainty over US-China trade talks

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Prices for most Shanghai base metals fell on Wednesday amid uncertainty over US-China trade talks this week, but London copper pulled away from lows marked in the previous session.

[MANILA] Prices for most Shanghai base metals fell on Wednesday amid uncertainty over US-China trade talks this week, but London copper pulled away from lows marked in the previous session.

The long-standing trade conflict between Washington and Beijing has slowed the global economy and clouded the outlook for demand from top metals consumer China.

Market participants are braced for stormy conditions to persist, industry sources attending LME Asia Week events in Hong Kong this week said.

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The most-traded copper contract on the Shanghai Futures Exchange fell as much as 1.1 per cent to 47,760 yuan (S$9,605) a tonne.

Benchmark copper on the London Metal Exchange was up 0.6 per cent at US$6,216 a tonne as of 0206 GMT, after trading near two-and-a-half-month lows on Tuesday.

CHILE: Copper production at Chile's top mines dropped sharply in the first quarter of 2019, Chilean copper commission Cochilco said on Tuesday, amid a perfect storm of operational issues, heavy rains and falling ore grades at the largest deposits.

TALKS: Chinese Vice Premier Liu He will travel to Washington for two days of trade talks this week, China said on Tuesday, setting up a last-ditch bid for a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by US President Donald Trump.

REUTERS