BEIJING, Dec 6 (Reuters) - Prices of non-ferrous metals extended losses on Thursday, as worries over weak demand caused by Sino-U.S. trade tensions persisted.
China and the United States agreed to a truce in their months-long trade war on Saturday, with U.S. President Donald Trump agreeing to refrain from raising tariffs on Jan. 1.
But he has also warned that the U.S. will revert to tariffs if the two sides cannot resolve their differences before the stipulated 90 days.
"Copper prices are still struggling to find a direction as trade negotiations will take a long time ... Meanwhile more smelting capacity in China is expected to be launched if the market agrees to hike treatment and refining charges," said analysts from CITIC Futures in a note in Mandarin.
FUNDAMENTALS
- Three-month copper on the London Metal Exchange CMCU3 fell 0.8 to $6,142 a tonne by 0132 GMT, extending losses from the previous session.
- The most-traded copper contract for February delivery on the Shanghai Futures Exchange SCFcv1 dipped 0.7 percent to 49,100 yuan ($7,163.07) a tonne.
- Chinese Economy: China's services sector grew at its quickest pace in five months in November thanks to an uptick in new orders, a private survey released on Wednesday showed, although the outlook for businesses over the next year worsened for the third month.
- Nickel: BHP (BHP) on Wednesday said it had received approval from the government of Western Australian to develop a nickel mine in the state that will feed its Nickel West battery chemicals business.
- Lithium: Albemarle Corp ALB.N has launched an aggressive lobbying campaign after Chilean regulators denied its request to boost lithium output, stressing the company's importance to Chile's economy and workers, according to records reviewed by Reuters.
- For the top stories in metals and other news, click
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MARKETS NEWS
- U.S. stock futures and Asian shares tumbled on Thursday after Canadian authorities arrested a top executive of Chinese tech giant Huawei Technologies, fanning fears of further tensions between China and the United States.
DATA/EVENTS 0700 Germany Industrial orders Oct 1315 U.S. ADP national employment Nov 1330 U.S. International trade Oct 1330 U.S. Weekly jobless claims 1500 U.S. Factory orders Oct 1500 U.S. ISM non-manufacturing PMI Nov 2345 Federal Reserve Chairman Jerome Powell gives brief welcome remarks before the Housing Assistance Council Rural Housing Conference
PRICES Three month LME copper CMCU3 Most active ShFE copper SCFcv1 Three month LME aluminium CMAL3 Most active ShFE aluminium SAFcv1 Three month LME zinc CMZN3 Most active ShFE zinc SZNcv1 Three month LME lead CMPB3 Most active ShFE lead SPBcv1 Three month LME nickel CMNI3 Most active ShFE nickel SNIcv1 Three month LME tin CMSN3 Most active ShFE tin SSNcv1
ARBS
LMESHFCUc3 LMESHFALc3 LMESHFZNc3 LMESHFPBc3 LMESHFNIc3
($1 = 6.8546 Chinese yuan)
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BEIJING, Dec 6 (Reuters) - Prices of non-ferrous metals...
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