METALS-Nickel extends losses amid fears of longer Sino-U.S. trade war

MANILA, Dec 4 (Reuters) - Nickel prices slid on Wednesday, with the Shanghai benchmark hitting its lowest in more than four months, as the metal extended losses on lingering concerns over global tariffs and dimming hopes for a preliminary U.S.-China trade deal.


* Three-month nickel on the London Metal Exchange was down 1% at $13,245 a tonne, as of 0214 GMT, extending declines from Tuesday.

* The most-traded nickel contract on the Shanghai Futures

Exchange slid as much as 3.9% to 104,050 yuan

($14,782.14) a tonne, its weakest since July 30.

* U.S. President Donald Trump said on Tuesday a trade deal with China might have to wait until after the U.S. presidential election in November 2020, denting hopes that the two largest economies would soon reach an initial deal to ease their damaging trade war.

* U.S. Commerce Secretary Wilbur Ross on Tuesday rejected any deadlines on a trade deal with China and launched a fresh

attack on telecoms company Huawei , further dimming

hopes for an end to a 17-month trade war that has slowed global growth.

* Trump ambushed Brazil and Argentina on Monday, announcing tariffs on U.S. steel and aluminum imports from the two countries in a measure that shocked South American officials and left them scrambling for answers.

* Low inventories across the copper supply chain mean that any resolution to the U.S.-China trade war could trigger a snap rally in prices as consumers rush to restock, market participants said on Tuesday.

* Glencore could announce a new chief executive next year once a new management team is in place, its current boss told an investor meeting on Tuesday as the commodities giant laid out its priorities for 2020.

* Rio Tinto Plc said on Tuesday it would spend $1.5 billion to expand its Kennecott copper mine in Utah, part of a growing trend by miners to invest in strategic mineral projects across the United States.

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* Asian shares extended their losses on Wednesday after Trump's comments dashed market hopes for a quick preliminary agreement with Beijing.


0030 Japan Services PMI Nov0030 Australia Real GDP QQ, YY SA Q30145 China Caixin Services PMI Nov0500 India IHS Markit Svcs PMI Nov0850 France Markit Serv, Comp PMIs Nov0855 Germany Markit Srvices PMI Nov0855 Germany Markit Comp Final PMI Nov0900 EU Markit Serv, Comp Final PMIs Nov0930 UK Reserve Assets Total Nov1445 US Markit Svcs, Comp Final PMIs Nov

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


($1 = 7.0389 yuan)

(Reporting by Enrico dela Cruz, Editing by Sherry Jacob-Phillips)