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July 17 (LTIT) – London copper dipped on Friday as heightened Sino-U.S. tensions sparked worries of a tit-for-tat retaliation that could dampen economic growth and demand for metals. The Trump administration is considering to ban travel to the United States by all members of the Chinese Communist Party and their families, a person familiar with the matter said on Thursday. Three-month copper on the London Metal Exchange fell $0.1% to $6,431 a tonne by 0212 GMT, still up 0.3% for the week and set for its ninth straight weekly rise. The contract hit its highest in nearly 25 months on Monday. The most-traded August copper contract on the Shanghai Futures Exchange rose 0.7% to 51,630 yuan ($7,371.92) a tonne, tracking overnight gains in London. China, the world’s top copper consumer, posted a stronger-than-expected economic growth in the second quarter, keeping bullish sentiment and prices in check. FUNDAMENTALS * OTHER METALS: LME aluminium eased 0.5% to $1,662 a tonne, zinc decreased 1% to $2,202.50 a tonne, while Shanghai lead fell 1.3% to 14,900 yuan a tonne and Shanghai aluminium dropped 0.8% to 14,080 yuan a tonne. |
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