MANILA, Aug 29 (Reuters) – London copper prices drifted down on Wednesday, pressured by a recovery in the dollar from a four-week low and worries over softer demand from top consumer China. Three-month copper on the London Metal Exchange was down 0.3 percent at $6,130 a tonne by 0237 GMT, retreating from a two-week peak of $6,167 reached on Tuesday. On the Shanghai Futures Echange, the most-traded October copper rose 0.7 percent to 48,990 yuan ($7,127) a tonne, tracking overnight gains in London. Data released earlier this month showed signs of further cooling in China’s economy, with investment growth slowing to a record low. “It’s a bit difficult for copper prices to go up because the whole sentiment is weak especially about the demand outlook for China,” said Helen Lau, analyst at Argonaut Securities. “It’s not a big slowdown but there are signs of slowdown and people will make a big deal out of it.”
* DOLLAR: The U.S. dollar inched higher after touching a four-week low overnight as optimism over the U.S.-Mexico trade deal gave way to caution ahead of an upcoming deadline in the China-U.S. trade dispute. A firmer greenback makes dollar-denominated assets costlier for holders of other currencies.
* U.S.-CHINA: The deadline for public comment on U.S. President Donald Trump’s plan to impose 25 percent tariffs on another $200 billion of Chinese goods will be on Sept. 5.
* CHINA ALUMINA: China is shipping unusually high volumes of alumina for a second time this year to an international market desperate for the ingredient used to make aluminium, traders and analysts said, even as domestic prices rise and put pressure on smelters.
* ALUMINIUM PRICES: Shanghai aluminium climbed as much as 2.1 percent to 15,100 yuan a tonne, the highest since June 12. LME aluminium eased 0.2 percent to $2,129.50 a tonne after hitting a two-week high of $2,142 overnight. ANZ analysts said a strike at an Alcoa Corp alumina plant in the west of Australia has impacted exports.
