BEIJING, Dec 10 (Reuters) - Copper eased in London and
Shanghai on Monday, as customs data released over the weekend
showed a 3 percent year-on-year drop in unwrought copper imports
by top consumer China, and Sino-U.S. trade tensions continued to
weigh on prices.
Imports came in at 456,000 tonnes in November, down from
470,000 tonnes a year earlier but up 8.6 percent from October.
The year-on-year decline was "somewhat expected, with
falling premiums in China reflecting some softness in demand
after a period of strong restocking," ANZ wrote in a note,
adding that imports in November 2017 were "unseasonably high."
Copper import premiums in China SMM-CUYP-CN are currently
at $67.50 a tonne, having hit an 18-month low of $62.50 a tonne
last week.
China's copper concentrate imports fell 4.6 percent
year-on-year to 1.699 million tonnes last month.
FUNDAMENTALS
* LME COPPER: Three-month copper on the London Metal
Exchange slipped 0.6 percent to $6,110.50 a tonne by
0352 GMT, after rising 1.2 percent on Friday. The most-traded
February copper contract on the Shanghai Futures Exchange
fell 0.2 percent to 48,920 yuan ($7,117.40) a tonne.
* VEDANTA: India's environmental court said it will resume
hearing Vedanta Ltd's case on Monday to decide whether
to re-open the company's copper smelter, which was closed
earlier this year after 13 people died when police fired on
protesters.
* ALUMINIUM: China's aluminium exports rose by 11.7 percent
from October to 536,000 tonnes in November, the second-highest
monthly total on record, after a higher export tax rebate on
semi-finished products took effect on Nov. 1. ShFE aluminium was
up 0.6 percent at 13,645 yuan a tonne.
* ALUMINIUM: The U.S. International Trade Commission said on
Friday it made a final determination that American producers
were being harmed by imports of common alloy aluminium sheet
products from China, a finding that locks in duties on the
products.
* RUSAL: The U.S. Treasury has given investors until Jan. 21
to divest their holdings in sanctioned firms including EN+ Group
, and United Company Rusal.
