×

METALS-Metals slip as patchy US economic reports spur profit-taking

MELBOURNE, Aug 2 (Reuters) - London metals slipped on Wednesday on profit-taking in much of the complex following several patchy U.S. economic reports, although otherwise solid global growth reports and a weaker dollar underpinned prices.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange edged down 0.1 percent to $6,338 a tonne by 0952 GMT, following a small loss in the previous session. Prices jumped into a new range above $6,000 a tonne late last month, striking the highest since May 2015 at $6,400 a tonne.

* Shanghai Futures Exchange copper slipped by half a percent to 50,080 yuan ($7,446) a tonne.

* A gauge of U.S. factory activity slid from a near three-year high in July amid a slowdown in new orders and consumer spending barely rose in the prior month, setting the stage for a moderate economic expansion in the third quarter.

* U.S. President Donald Trump is close to a decision on how to respond to what he considers China's unfair trade practices, a senior Trump administration official said on Tuesday.

* LME nickel slipped by 0.7 percent from around four month highs struck early this week on expectations Indonesian ore shipments could offset any losses from the Philippines, which is in the midst of a crackdown on mining pollution.

* Indonesia's energy and mining ministry has recommended that two companies be issued nickel export permits for a combined 2 million tonnes, an official said on Tuesday.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian stocks paused near decade-highs on Wednesday as investors waited to see if strong earnings results from tech bellwether Apple would ripple out to component makers in the region.

DATA/EVENTS 0900 Euro zone Producer prices Jun 1215 U.S. ADP national employment Jul 1345 U.S. ISM-New York index Jul PRICES

BASE METALS PRICES 0122 gmt Three month LME copper 6350 Most active ShFE copper 50160 Three month LME aluminum 1912 Most active ShFE aluminum 14450 Three month LME zinc 2771.5 Most active ShFE zinc 23015 Three month LME lead 2333.5 Most active ShFE lead 18315 Three month LME nickel 10240 Most active ShFE nickel 82590 Three month LME tin 20500 Most active ShFE tin 146290

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 578.21 LME/SHFE ALUMINIUM LMESHFALc3 -387.35 LME/SHFE ZINC LMESHFZNc3 714.61 LME/SHFE LEAD LMESHFPBc3 -606.75 LME/SHFE NICKEL LMESHFNIc3 1972.95

($1 = 6.7259 Chinese yuan renminbi)

(Reporting by Melanie Burton; Editing by Richard Pullin)