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METALS-Copper slips, attention shifts to Trump speech
February 28, 2017 / 2:08 AM / 7 months ago

METALS-Copper slips, attention shifts to Trump speech

* Investors look to Trump speech for clarity on economic policy

* Metals markets looking for big U.S. infrastructure spend

* Supply stoppages at major copper mines support copper prices (Adds comment, updates prices)

By James Regan

SYDNEY, Feb 28 (Reuters) - Copper slipped on Tuesday as investors took profits, with investors looking towards a speech by U.S. President Donald Trump for more clarity on his economic policy.

But persistent concerns over supply from large mines in Chile and Indonesia limited the decline.

Three-month copper on the London Metal Exchange was 0.04-percent lower at $5,908.50 a tonne at 0700 GMT, backtracking from an intraday high of $5,944.

The most-traded copper contract on the Shanghai Futures Exchange finished down 0.27 percent at 47,740 yuan ($6,952) a tonne.

Investors are waiting for a speech by Trump on Tuesday for signals on tax reform and infrastructure spending.

A strike at the Escondida copper mine in Chile, the world’s largest, appeared far from ending on Monday as the conflict neared its third week, with the union denying a news report that it had returned to talks with mine owner BHP Billiton .

Elsewhere, shareholders are pressuring miner Freeport-McMoRan Inc to stand up to the Indonesian government over changes the Southeast Asian country wants to make in the U.S. miner’s contract, with output halted at a giant copper mine.

“Copper was stronger for most of the day, which opened things up for profit-taking, which knocked prices back,” said a trader in Perth in Australia who did not want to be identified.

Aluminium eased 0.03 percent to $1,893 a tonne and zinc gained 0.17 percent to $2,811

London zinc prices have nearly doubled over the past 13 months and are closing in on nine-year highs, but signs of tightening in the global market for refined zinc means the rally may have further to run.

Tin was up 1 percent at $19,200 a tonne, while nickel slipped 0.9 percent to $11,025 a tonne.

In ShFE trading, nickel was up 0.52 percent, with zinc 0.13-percent lower.

PRICES

Three month LME copper

Most active She copper

Three month LME aluminium

Most active She aluminium

Three month LME zinc

Most active She zinc

Three month LME lead

Most active She lead

Three month LME nickel

Most active She nickel

Three month LME tin

Most active She tin

$1 = 6.8674 Chinese yuan renminbi Reporting by James Regan; Editing by Joseph Radford

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