SINGAPORE: London copper prices ticked lower for a second session on Friday as concerns over world economic growth and Washington-Beijing trade tensions weighed on the market.
Weak data in recent weeks in key global economies, including in top metals consumer China, has stoked fears of a recession.
Asian stocks lost ground on Friday as investors worried about a broadening global economic slowdown, with sentiment not helped by the absence of any positive signs for a resolution in the US-China trade row.
COPPER: Three-month copper on the London Metal Exchange gave up 0.2 percent to $6,236 tonne by 0628 GMT. For the week, copper is up 1.6 percent, a second week of gains.
INDUSTRIAL OUTPUT AND GROWTH : Industrial output in Europe's biggest economy, Germany, registered an unexpected fourth consecutive monthly decline in December, data showed on Thursday, while the Bank of England said Britain faces its weakest economic growth in a decade.
TRUMP: US President Donald Trump said on Thursday he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline set by the two countries to achieve a trade deal.
TRADE TALKS: The remarks confirmed comments from administration officials who said the two men were unlikely to meet before the deadline, dampening hopes of a quick trade pact and sparking a drop in U.S stock markets.
"The base metals sector came under heavy selling amid the renewed trade tension," ANZ said in a note.
CODELCO: Chilean state copper miner Codelco saw a 1.9 percent drop in its output in 2018, at 1.8 million tonnes, while production at the world's largest copper mine, Escondida, shot up 34 percent in the same year, Chile's copper commission said on Thursday.
RUSAL: Russian aluminium giant Rusal said on Friday it sees demand for aluminium growing in 2019, with potential for prices to rise.
In a filing, the Hong Kong-listed company also said the market for alumina, an oxide key to the aluminium smelting process, may be expected to be more balanced.
Comments
Comments are closed.