Commodity News
HeadLine : Copper slips on rising U.S.-China tensions
Date : Jul 23 2020
Three-month copper on the London Metal Exchange was down 0.3% at $6,468 a tonne, while the most-traded September copper contract on the Shanghai Futures Exchange fell 1% to 51,900 yuan ($7,415.56) a tonne. China is considering ordering the closure of the U.S. consulate in the central city of Wuhan, a person with direct knowledge of the matter said on Wednesday, after Washington told Beijing to shut its consulate in Houston, Texas. Indonesia state miner PT Aneka Tambang produced ferronickel containing 6,447 tonnes of nickel in the second quarter, down 0.6% year-on-year, and sold ferronickel containing 6,867 tonnes of nickel, up 14% annually. Chinese domestic prices of secondary lead SMM-LD-REF rose to a one-week high at 14,875 yuan a tonne, SMM data showed. The difference between LME cash and three-month copper CMCU0-3 rose to $17-a-tonne premium, a level unseen since March 2019, due to falling copper stocks and large holdings of warrants and cash contracts.

Source : Reuters
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