(Updates throughout, moves dateline from SINGAPORE) LONDON, Nov 15 (Reuters) - Copper and other base metals prices were headed for weekly falls as concerns that weakening global economic growth is curtailing demand outweighed comments
Benchmark copper on the London Metal Exchange (LME)
was up 0.3% at $5,830.50 a tonne at 1135 GMT but down 1.6% on the week and heading towards September's two-year low of $5,518. Other industrial metals were down between 3.7% and 7.4% from last Friday's close. The U.S.-China trade dispute has hampered global economic activity and pushed metals prices sharply lower. Investors have become increasingly wary of believing positive comments about the prospect of a trade deal, said Commerzbank analyst Daniel Briesemann. "Uncertainty will still dictate the direction of prices," he said, adding that metals would likely fall further.
TRADE WAR: White House economic advisor Larry Kudlow said the U.S. and China were getting close to an agreement and were talking every day. COPPER TECHNICALS: Copper was holding around its 50-day moving average of $5,813 and 100-day moving average of $5,827. A move below these levels would worsen its technical outlook. POSITIONING: Speculators were neutral in LME copper as of Tuesday, according to brokers Marex Spectron. CHINA PREMIUMS: Yangshan import premiums fell to a three-month low of $68 this week, signaling weaker demand. On Friday they were at $71. <SMM-CUYP-CN> CHINA ECONOMY: China's industrial output grew significantly slower than expected in October, underlining fears of a sharp drop in demand in the world's largest consumer of metals.
China's central bank is expected to cut a key interest rate next week after it extended 200 billion yuan ($28.6 billion) through its medium-term lending facility on Friday.
CHINA PRODUCTION: China's October refined copper output rose 17.9% year-on-year to a record high of 868,000 tonnes. Production of lead, zinc and alumina also rose. ALUMINIUM STOCKS: Japan's Marubeni Corp said aluminum stocks held at three major Japanese ports at the end of October fell 2.6% to 318,200 tonnes from the previous month. <AL-STK-JPPRT> Headline aluminum inventories in LME-registered warehouses rose by 44,200 tonnes to a little under 1.1 million tonnes, the highest since June. <MALSTX-TOTAL>
OTHER METALS: LME aluminum was flat at $1,741.50 atonne and down 3.7% this week. Zinc was down 0.5% at$2,385 and 3.9% lower this week. Nickel fell 1% to
$14,995 on Friday and 7.4% this week.
Lead slipped 0.6% to $2,005 and was down 4.8% forthe week. Tin was up 0.3% at $16,250 and 2.7% lower this
(Reporting by Peter Hobson; Additional reporting by Mai Nguyen; Editing by Alexander Smith)