April 10, 2017 / 1:55 AM / 7 months ago

METALS-London copper slips on mounting geopolitical concerns

MELBOURNE, April 10 (Reuters) - London copper eased on Monday as rising geopolitical tensions blunted appetite for risk and lifted the dollar, eroding the purchasing power of commodity buyers.

FUNDAMENTALS

* LME COPPER: London Metal Exchange copper had slipped 0.4 percent to $5,809 a tonne by 0124 GMT, adding to small losses from the previous session, before finding support at its 100-day moving average at $5,800 a tonne.

* SHFE: Shanghai Futures Exchange copper dropped 0.9 percent to 47,200 yuan ($6,843) a tonne. ShFE zinc fell 2.4 percent, dragged down by weakness in steel and also after news that two mines hit by floods in Peru were ready to restart.

* U.S. ECONOMY: U.S. job growth slowed sharply in March amid continued layoffs in the embattled retail sector, but a drop in the unemployment rate to a near 10-year low of 4.5 percent suggested labour market strength remained intact.

* NORTH KOREA: A U.S. Navy strike group will be moving toward the western Pacific Ocean near the Korean peninsula as a show of force, a U.S. official told Reuters on Saturday, as concerns grow about North Korea’s advancing weapons programme.

* ZINC MINE: Peruvian miner Milpo, controlled by Brazilian group Votorantim Metais, said on Friday it could restart operations at two mines over the weekend if there were no new restrictions to roads affected by flooding.

* PHILIPPINES: A suspended Philippine nickel miner has asked President Rodrigo Duterte to allow it to ship ore stockpiles after some cargoes were seized as tensions escalated over a required fee it claimed was illegal.

* PERU: Peru, fresh off a sharp rise in copper output, is upstaging top producer Chile as a prime place to hunt for new supplies as the historic rivals race to usher in new mines.

* COPPER SPECULATORS: Hedge funds and money managers cut their net long position in copper futures and options by 6,600 contracts to 54,173, U.S. Commodity Futures Trading Commission data showed on Friday. That was the first cut in three weeks.

* COPPER ARSENIC: Ecometales, a unit of Chile’s state-run Codelco is in talks with smelters in Europe and China to share its technology for stabilising arsenic while processing lower-quality copper ore, an executive said on Friday.

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* MARKETS: Asian stocks are set for a cautious start on Monday as increased geopolitical risks combined with expensive valuations prompt investors to shun risky assets in favour of safe-haven bets such as government debt.

DATA AHEAD (GMT)

0830 Euro zone Sentix index Apr

1400 U.S. Employment trends Mar

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 = 6.8978 Chinese yuan renminbi)

Reporting by Melanie Burton; Editing by Joseph Radford

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