MELBOURNE Feb 27 London copper prices inched
towards the key level of $6,000 a tonne on Monday, with supply
concerns simmering amid production stoppages at the world's two
biggest copper mines.
* Three-month copper on the London Metal Exchange
had risen 0.2 percent to $5,940.50 a tonne by 0203 GMT, building
on 1.2-percent gains from the previous session. LME copper hit a
20-month high of $6,204 a tonne on Feb. 13.
* Shanghai Futures Exchange copper rose 0.8 percent
to 48,130 yuan ($6,998) a tonne.
* U.S. mining giant Freeport-McMoRan Inc last week
warned that it could take the Indonesian government to
arbitration and seek damages over a contractual dispute that has
halted operations at the world's second-largest copper mine.
* BHP Billiton's decision this week to give up its
legal right to replace striking workers at the Escondida copper
mine in Chile is a move aimed at sacrificing some output to
undermine the union's position, analysts said Wednesday.
* New U.S. single-family home sales rose less than expected
in January, likely held back by heavy rains and flooding in
California, but continued to point to a strengthening housing
market despite higher prices and mortgage rates.
* A strike at Noranda Income Fund's zinc
processing plant in Quebec stretched into a 13th day on Friday,
with no talks scheduled between management and the United
Steelworkers of America union.
* Hedge funds and money managers cut their net long position
in copper futures and options, data from the Commodity Futures
Trading Commission, showed, slashing it by 9,796 contracts to
78,511 - the lowest level in just over a month.
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* Asian stocks look set to edge lower for a second day on
Monday as weak cues from U.S. share markets and declining
European government bond yields on political worries push
investors to take profits after a recent rally.
DATA AHEAD (GMT)
1000 Euro zone Business climate Feb
1000 Euro zone Consumer confidence final Feb
1330 U.S. Durable goods Jan
1500 U.S. Pending homes sales Jan
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
($1 = 6.8774 Chinese yuan renminbi)
(Reporting by Melanie Burton; Editing by Joseph Radford)