March 23, 2017 / 2:13 AM / 8 months ago

METALS-London copper steady; zinc disruptions climb

MELBOURNE, March 23 (Reuters) - London copper was steady on Thursday, holding above two-week lows hit the previous session as broader investor sentiment revived, while disruptions piled up in the zinc market.

FUNDAMENTALS

* LME COPPER: London Metal Exchange copper edged up 0.1 percent to $5,818 a tonne at 0154 GMT, adding to a 0.6 percent gain from the previous session when prices plumbed their lowest since March 10 at $5,715 a tonne.

* SHANGHAI COPPER: Shanghai Futures Exchange copper rose 0.6 percent to 47,150 yuan ($6,844) a tonne.

* LME ZINC traded down 0.1 percent at $2,854 a tonne, while LME lead fell 0.4 percent, having rallied more than 4 percent on Wednesday following a large draw in LME stocks.

* PERU: A railway used by copper, zinc and silver mines to transport their concentrates from Peru’s central Andes to port is likely be out of action for at least two to three weeks following “important” damage from floods and mudslides, the transportation minister said on Wednesday.

* PERU: Brazilian group Votorantim has halted operations at its zinc smelter Cajamarquilla in Peru as a precaution amid flooding and mudslides that have disrupted transportation and restricted running water in the Andean country.

* PERU: Peruvian zinc, copper and lead miner Milpo, controlled by Brazilian group Votorantim, declared force majeure on Wednesday after roads to its mines El Porvenir and Atacocha in the Andes were blocked by the deadly downpours.

* ZINC STRIKE: A 3-1/2-week strike at Noranda Income Fund’s zinc processing facility in Quebec is showing no signs of ending, union officials said on Wednesday, with no talks set between workers and management.

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MARKETS NEWS

* Asian stocks rose on Thursday, taking their cues from a Wall Street bounce, while the dollar crawled up from a four-month low but remains clouded by concerns about U.S. President Donald Trump’s pro-growth policies.

DATA/EVENT AHEAD (GMT)

0700 Germany GfK consumer sentiment Apr

0745 France Business climate Mar

0930 Britain Retail sales Feb

1200 Federal Reserve Chair Janet Yellen gives opening

remarks at event

1230 U.S. Weekly jobless claims

1400 U.S. New home sales Feb

1500 Euro zone Consumer confidence 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

ARBS ($1 = 6.8888 Chinese yuan renminbi)

Reporting by Melanie Burton; Editing by Richard Pullin

Our Standards:The Thomson Reuters Trust Principles.
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