February 20, 2017 / 2:15 AM / 5 months ago

METALS-London copper back at $6,000/tonne, supply concerns support buying

3 Min Read

MELBOURNE, Feb 20 (Reuters) - London copper rose on Monday, returning to the $6,000 per tonne mark, as near-term supply disruptions intensified after the world's second-biggest mine said it could not fulfil its promised shipments due to export permit issues.

Fundamentals

* Three-month copper on the London Metal Exchange rose by 0.7 percent to $6,000 a tonne by 0210 GMT, paring losses from the previous session. Prices hit $6,204 a week ago, after top mine Escondida also declared it could not fulfil contracted shipments because of a strike, but industry sources said that smelters and fabricators were still amply supplied with metal.

* Shanghai Futures Exchange copper was steady at 48590 yuan ($7,079) a tonne.

* The chief executive of miner Freeport-McMoran Inc's Indonesian unit, resigned, the company said on Saturday, after the parent firm declared force majeure on copper concentrate shipments from its Grasberg mine in Papua.

* The positions of BHP Billiton, and the striking union at its Escondida copper mine in Chile, the world's largest, remain distant even as the two parties agreed last week to return to the table.

* Anglo American PLC will temporarily suspend operations at its El Soldado copper mine in Chile after failing to receive regulatory approval for a redesign that would have helped keep output flowing, the company said on Friday.

* Philippine President Rodrigo Duterte said he will review his minister's order to close more than half the country's mines for environmental violations, following an outcry from affected producers.

* Turnover was light with U.S. markets closed for the Presidents Day holiday.

* China's central bank said on Friday it plans to tighten up oversight in a range of areas including corporate debt and bank assets, as policymakers fret over fast-rising leverage and the risk of asset bubbles in the economy.

* President Donald Trump's pledge to bring massive investments in U.S. infrastructure projects showed new signs of life on Friday, as leading Republican lawmakers said proposals from the administration could be in the offing.

* For the top stories in metals and other news, click or

Markets News

* Asian share markets got off to a subdued start on Monday as political uncertainty kept the mood cautious, while the U.S. dollar softened a touch ahead of a busy week for Federal Reserve speakers.

Data/Events

0700 Germany Producer prices for Jan

1500 Euro zone Consumer confidence flash at 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 = 6.8640 Chinese yuan renminbi Reporting by Melanie Burton; Editing by Kenneth Maxwell

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