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METALS-London copper rises for 2nd day; firmer euro, Peru strike
March 13, 2017 / 1:47 AM / 5 months ago

METALS-London copper rises for 2nd day; firmer euro, Peru strike

MANILA, March 13 (Reuters) - London copper futures rose for a second straight session on Monday, propped up by a firmer euro and supply disruption concerns following an indefinite workers' strike at Peru's top copper miner.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange was up 0.7 percent at $5,769 a tonne by 0124 GMT. The metal lost 3.1 percent last week, the most since December.

* Copper was among a slew of commodities that posted their biggest weekly decline in months last week after recent rallies showed signs of petering out, pressured by a glut and tepid demand from top consumer China.

* The Thomson Reuters CRB index, a measure of 19 commodities, fell 3.7 percent last week, its worst showing since January last year.

* The most-traded copper on the Shanghai Futures Exchange gained 1.1 percent to 47,090 yuan ($6,820) a tonne.

* Workers at Freeport-McMoRan's Cerro Verde started an indefinite strike on Friday that halted output of about 40,000 tonnes per month at Peru's top copper mine.

* The striking union at BHP Billiton's Escondida copper mine in Chile, the world's largest, said on Saturday it will not accept the company's offer to return to the negotiating table, and called on BHP to clarify its negotiating positions.

* Indonesian state miner PT Aneka Tambang Tbk will apply next week for a permit to export 6 million tonnes of nickel ore for a year.

* Speculators cut their bullish position by 13,511 lots to 57,149 lots in copper, data from U.S. Commodity Futures Trading Commission data showed, bringing it to the lowest level since November.

* U.S. employers hired workers at a robust pace of 235,000 in February, beating expectations, which could give the Federal Reserve the green light to raise interest rates this week despite slowing economic growth.

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MARKETS NEWS

* The euro edged up near a one-month high against the dollar in Asian trading, after some European Central Bank policymakers raised the possibility of hiking interest rates before bond purchases end.

* Asian shares started the week on a cautious note as the strong U.S. jobs data cemented expectations of a hike in U.S. interest rates, and as oil prices plunged to 3 1/2-month lows on fresh worries of oversupply.

DATA AHEAD (GMT)

1400 U.S. Employment trends Feb

PRICES

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 = 6.9050 Chinese yuan Reporting by Manolo Serapio Jr.; Editing by Kenneth Maxwell

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