METALS-Copper loiters near 1-year low as trade tensions simmer

MELBOURNE, July 12 (Reuters) – London copper eased on Thursday after heavy losses in the previous session pushed it to its weakest in a year at one stage as trade tensions between the United States and China undermined confidence in demand for metals. FUNDAMENTALS * LME COPPER: London Metal Exchange copper eased by 0.
2 percent to $6,132.50 a tonne by 0117 GMT, following steep losses in the previous session when prices dropped as low at $6,081 a tonne at one stage, the weakest since July 25 last year.
* SHFE COPPER: Shanghai Futures Exchange copper traded flat at 48,400 yuan a tonne, also close to one-year lows. * TRADE: China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods in a move that rattled global markets.
* FREEPORT: The Indonesian government is expected on Thursday to announce the details of a deal to acquire a majority stake in the local unit of U.S.
copper miner Freeport McMoRan Inc, a source with knowledge of the matter said. * GLENCORE: Glencore Plc faces at least two lawsuits by U.
S. shareholders accusing the big Anglo-Swiss mining company of having made false and misleading disclosures before it received a subpoena in a corruption probe, and its stock tumbled.
* For the top stories in metals and other news, click or MARKETS NEWS * Asian stocks remained under pressure on Thursday from fears of an escalation in the U.S.
-China trade war, while the dollar stood still after rallying against peers amid the turmoil in broader markets. DATA AHEAD (GMT) 0900 Euro zone Industrial production May 1130 European Central Bank publishes accounts of June 13-14 policy meeting 1230 U.
S. Consumer prices Jun 1230 U.
S. Weekly jobless claims PRICES Three month LME copper Most active ShFE copper Three month LME aluminium Most active ShFE aluminium Three month LME zinc Most active ShFE zinc Three month LME lead Most active ShFE lead Three month LME nickel Most active ShFE nickel Three month LME tin Most active ShFE tin .

 

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