BEIJING, Aug 2 (Reuters) - Shanghai copper fell more than 1
percent in early trade on Thursday, after U.S. officials
confirmed that President Donald Trump's administration proposed
an increase in tariff rate on $200 billion worth of Chinese
goods.
Fears that the trade row between the world's top two
economies could hit demand for industrial metals saw Shanghai
copper shed 3.4 percent in July, while London copper posted its
biggest monthly fall since December 2016.
FUNDAMENTALS
* SHFE COPPER: The most-traded September copper contract on
the Shanghai Futures Exchange fell 1.4 percent to
49,240 yuan ($7,230.44) a tonne as of 0155 GMT, having earlier
slipped to 49,010 yuan, its lowest since July 24.
* LME COPPER: Three-month copper on the London Metal
Exchange slipped 0.2 percent to $6,162.50 a tonne, after
closing down 2 percent in the previous session.
* TARIFFS: U.S. President Donald Trump sought to ratchet up
pressure on China for trade concessions by proposing a higher 25
percent tariff on $200 billion worth of Chinese imports, his
administration said on Wednesday.
* FED: The U.S. Federal Reserve kept interest rates
unchanged on Wednesday but characterized the economy as strong,
keeping the central bank on track to increase borrowing costs in
September.
* SHFE NICKEL: Shanghai nickel was down 2.7 percent
at 110,360 yuan a tonne, after a 3.1 percent drop in LME prices
on Wednesday. The ShFE will raise the transaction fee
for November nickel futures to 6 yuan per lot from 1 yuan,
effective Aug. 3.
* LME NICKEL: The LME launched on Wednesday a consultation
to trial in the first quarter of next year the use of its
electronic system to determine closing prices of the three-month
nickel contract instead of open outcry.
* RIO: Global miner Rio Tinto, said on
Wednesday its first-half profit grew 12 percent, missing
estimates and sending its shares lower even though it earmarked
an additional $1 billion to buy back London-listed stock.
