BEIJING: Copper gave up some of Monday's gains on Tuesday, as doubts over China's demand growth and whether the country will be able to resolve its trade row with the United States within a 90-day timeframe came into focus.
Metals prices, weighed down by the trade dispute this year, had bounced on Monday after Washington and Beijing agreed to hold off on imposing further tariffs for 90 days.
However, it has since emerged that none of the commitments U.S. officials said had been given by China, including reducing its 40 percent tariffs on autos, were agreed to in writing and specifics have yet to be ironed out.
"In the long run, due to the downward pressure on China's economy, as well as the weakening manufacturing sector, demand from the real estate, automobile and air-conditioning (sectors) will be sluggish," GF Futures wrote in a note.
"Although construction in the power sector has recovered slightly, the bright spots are limited," it added.
FUNDAMENTALS
* LME COPPER: Three-month LME copper slipped as much as 0.9 percent and was down 0.2 percent at $6,281.50 a tonne as of 0706 GMT, after rising 1.6 percent in the previous session.
* SHFE COPPER: The most-traded January copper contract on the Shanghai Futures Exchange closed down 0.7 percent at 49,660 yuan ($7,259.70) a tonne.
* COPPER PREMIUMS: Premiums for imports of copper into China, the world's biggest copper consumer, sank to an 18-month low on Monday in a sign that demand for physical metal is waning after a buying spree.
* OTHER METALS: Shanghai zinc added 1.1 percent on tightening stocks, while most other metals shrugged off early dips to trade higher. Shanghai lead and London tin fell by 0.3 percent and 0.1 percent, respectively.
* GLENCORE: Glencore has appointed Peter Freyberg to the newly created role of head of industrial mining, the global trader and miner said, while its head of copper marketing Telis Mistakidis retires at the end of the year.
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