MANILA, May 23 (Reuters) - London copper futures edged lower
on Wednesday, pulling back from the previous session's nearly
one-month peak, after U.S. President Donald Trump said he was
not pleased with recent trade talks between the United States
and China.
His comments on Tuesday came after U.S. Treasury Secretary
Steven Mnuchin said over the weekend that the two countries had
put the prospect of a trade war "on hold" while they work on a
wider trade agreement, which helped revive appetite for riskier
assets.
"The shifting sands of trade talks between U.S. and China is
likely to see commodities remain volatile," ANZ analysts said in
a note.
COPPER: Three-month copper on the London Metal Exchange
was down 0.5 percent at $6,944 a tonne by 0236 GMT,
after peaking at $6,999 on Tuesday, its loftiest since April 26.
In Shanghai, the most-traded July copper contract on the
Shanghai Futures Exchange rose to a nearly one-month
high of 52,180 yuan ($8,186) a tonne, tracking overnight gains
in London.
GRASBERG: Global miner Rio Tinto Ltd said it was in
discussions to sell its interest in the world's second largest
copper mine to Indonesia's Inalum for $3.5 billion.
LEAD: LME lead retreated from a 12-week high, down
0.8 percent to $2,454 a tonne, after what analysts said was a
rally driven by Chinese speculators on Tuesday as they bet on
potential supply shortages. In Shanghai, lead slipped
0.5 percent to 20,120 yuan per tonne, after hitting 20,465 yuan
on Tuesday, its strongest since October 2017.
NICKEL: LME nickel fell 1.2 percent to $14,600 a
tonne after recent gains. Nickel remains the best performer
among base metals, with a year-to-date gain of more than 14
percent.
LME nickel stockpiles are the lowest since 2014, underlining
a deficit in the metal used for stainless steel. "Sentiment has
been buoyed by strong demand from the stainless steel sector, as
well as growing demand from the electric vehicle market," ANZ
analysts said.
MARKETS: The dollar slipped after six straight days of gains
as U.S. Treasury yields dipped and investors looked to the
minutes of the Federal Reserve's May 1-2 meeting to be released
later on Wednesday. Asian shares ticked higher.
NORTH KOREA TALKS: Trump said there was a "substantial
chance" his summit with North Korean leader Kim Jong Un will not
take place as planned on June 12 amid concerns that Kim is
resistant to giving up his nuclear weapons.
