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* Zinc touches lowest June 2017 (Adds closing prices, IMF data)By Zandi ShabalalaLONDON, * Zinc touches lowest June 2017 (Adds closing prices Live Kitco Copper Charts ,pointing to weaker demand.Benchmark copper edged down 0.7 percent to $6,192per tonne on the kerb, hovering near one-year lows. Prices aredown about 14 percent in 2018.
Economic activity in the world's top consumer of metals washobbled by efforts to contain debt, while June factory outputgrowth weakened to a two-year low as a trade war with the UnitedStates intensified. Julius Baer commodity analyst Carsten Menke said the ChineseGDP data pointed to overall stability in the economy butrevealed some weakness in the "old economy" or infrastructuresector."These segments account for between 40 and 60 percent ofChinese metals demand and if you have a slowdown in the Chineseold economy this is not good," he said.
STOCKS: Headline stocks of copper in LME-registeredwarehouses gained 1,525 tonnes to 257,200 tonnes, but were stillat their lowest levels since January. TARIFFS: China's commerce ministry said on Monday it hadfiled a complaint to the World Trade Organization (WTO)regarding Washington's proposed tariff list on $200 billionworth of Chinese goods on July 16. INVESTORS: Copper speculators switched to a net shortposition of 12,919 contracts, the Commodity Futures TradingCommission said last week, the weakest position since December2016. GLOBAL GROWTH: The International Monetary Fund warned onMonday that escalating and sustained trade conflicts areincreasingly likely, threatening to derail economic recovery anddepress medium-term growth prospects. ALUMINIUM: Aluminium added 1.1 percent to $2,054 pertonne, close to its lowest since U.S. sanctions on one of theworld's biggest aluminium producers Rusal on April 6. COLUMN: Aluminium hasn't escaped the broader industrialmetals rout. Right now aluminium traders have much more pressingconcerns in the form of a ferocious squeeze on the fastapproaching July prompt date. ALUMINIUM SUPPLY: China's aluminium producers are respondingto tighter supply conditions by boosting output, data showed.China's June output rose by 0.8 percent to 2.83 million tonnes,which on daily basis was the highest since June 2017, accordingto Reuters' calculations based on official data.PRICES: Zinc closed 4 percent lower at $2,474 pertonne, lead fell 1.2 percent to $2,175, tin fell1.5 percent to $19,500 and nickel skidded 2.2 percentlower at $13,670.METAL DEMAND: China's top steelmaking city, Tangshan,ordered steel mills to shut sintering plants and asked that cokeand cement factories curb output for five days due to forecastsof heavy smog over the weekend, denting metaldemand. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^Top Base and Precious Metals Analysis - GFMS ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Additional reporting by Melanie Burton in Melbourne; editingby Keith Weir and Jason Neely)
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