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SINGAPORE, Feb. 8 (Reuters) – Copper prices in London fell on Friday for a second session, worried about global economic growth and trade tensions between the United States and China that weigh on the market.
FUNDAMENTALS
* The three – month copper on the London Metal Exchange dropped 0.4% to $ 6,219.50 per ton at 0203 GMT.
* Weak data from recent weeks in major world economies, including major consumers of metals, China, fueled fears of a recession.
* Industrial output of Europe's largest economy, Germany, recorded a fourth consecutive monthly fall unexpectedly in December, according to data released on Thursday, while the Bank of England said that Britain would face its weakest economic growth in a decade.
* US President Donald Trump said on Thursday that he had no plans to meet with Chinese President Xi Jinping before the deadline set for March 1 by the two countries to reach a trade agreement .
* Remarks confirmed management officials' comments that it was unlikely that the two men would meet before the deadline, which limited the hope of a quick trade pact and brought down stock markets US.
* Codelco, a state-owned copper producer in Chile, saw its production fall 1.9% in 2018, to 1.8 million tonnes, while that of the world's largest copper mine, Escondida, rose by 34% the same year, the Chilean copper commission announced on Thursday.
* The Russian aluminum giant, Rusal, said on Friday that demand for aluminum was increasing in 2019 with a potential for price increases. In a deposit, the company listed in Hong Kong also said that the market of alumina, key to the oxide in the aluminum melting process, should be more balanced.
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MARKET NEWS
* Asian equities fell on Friday as investors feared a growing global economic slowdown, the absence of any positive sign of solving the trade problem between China and the United States did not help.
DATA / EVENTS 0050 Japan Current account NSA JPY 13 dec. Start of Canada House, annualized 1:30 pm Canada Employment Change in Canada 1:30 pm Canada Canada's unemployment rate Jan 1815 President of the Federal Reserve Mary Daly Bank of San Francisco
speaks at the Twelfth Conference of the Bay Area Council Economic Institute
Annual Economic Forecast Conference 0030 President of the Federal Reserve Bank of St. Louis, James
Bullard will give a presentation on the US economy and
monetary policy before the 57th Winter Institute
PRICES
Three months of copper LME
ShFE Copper Most Active
LME three months in aluminum
Most active ShFE aluminum
LME zinc three months
The most active ShFE zinc
Three months ahead on the LME
Most active ShFE lead
LME nickel three months
Most active nickel ShFE
LME tin of three months
ShFE Pewter the most active
Report by Naveen Thukral; Edited by Rashmi Aich
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