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METALS-London copper little changed, supply threats underpin
February 21, 2017 / 1:33 AM / 7 months ago

METALS-London copper little changed, supply threats underpin

MELBOURNE, Feb 21 (Reuters) - London copper held its ground on Tuesday, near its highest in a week, supported by supply concerns amid industrial action in Chile and an Indonesian export permit dispute.

FUNDAMENTALS

* Three-month copper on the London Metal Exchange traded flat at $6,071 a tonne by 0112 GMT, holding gains after a 1.9 percent rally the session before when it struck $6,105 a tonne, the strongest since Feb. 14.

* Shanghai Futures Exchange copper traded up 1.5 percent to 49,120 yuan ($7,142) a tonne.

* Other metals were also buoyed by supply concerns, with Shanghai zinc leading sister metal lead up more than 2 percent, following London’s gains overnight after a steep fall in available zinc inventory on the LME. * A government-mediated meeting between BHP Billiton and striking workers at its Escondida copper mine in Chile has failed, and workers will head back to their encampment without any future dialogue planned, a union spokesman said on Monday.

* U.S. mining giant Freeport-McMoRan Inc warned on Monday it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at the world’s second-biggest copper mine.

* A major aluminium producer has made an indicative offer of a premium of $125 per tonne to Japanese buyers for April-June primary metal shipments, up 32 percent from the last quarter, three sources directly involved in pricing talks said on Monday.

* China’s steel mills and traders were scrambling to find alternative supplies of coking coal for steel making after Beijing slapped a surprise ban on coal imports from its isolated northern neighbour.

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

MARKETS NEWS

* Asian stocks held near 1-1/2-year highs in subdued early trade on Tuesday as a holiday in the United States left investors with few catalysts, while the euro nursed overnight losses as lingering concerns about the looming French election rattled its bonds.

DATA AHEAD (GMT)

0800 France Markit manufacturing flash PMI Feb

0830 Germany Markit manufacturing flash PMI Feb

0900 Euro zone Markit manufacturing flash PMI Feb

1445 U.S. Markit manufacturing flash PMI 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 = 6.8778 Chinese yuan renminbi Reporting by Melanie Burton; Editing by Richard Pullin

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