Reuters logo
METALS-London copper marks time as strike threat underpins
July 5, 2017 / 2:00 AM / 5 months ago

METALS-London copper marks time as strike threat underpins

    By Melanie Burton
    MELBOURNE, July 5 (Reuters) - London copper was treading
water on Wednesday amid heightened risk aversion in Asia
following a North Korean missile test, while strike threats at a
South American copper mine lent support to prices. 
    * London Metal Exchange copper was little changed at
$5,885 a tonne by 0141 GMT, having logged modest losses of 0.6
percent in the previous session. Prices, which failed near
resistance at $6,000 a tonne are now easing to support at the
100-day moving average of $5,774.
    * Shanghai Futures Exchange copper edged down by
0.6 percent to 47,150 yuan ($6,935) a tonne. U.S. markets were
closed for a holiday. 
    * North Korea said on Wednesday it had conducted a test of a
newly developed intercontinental ballistic missile that can
carry a large and heavy nuclear warhead.
     * Chilean mining company Antofagasta Minerals, one
of the biggest global copper producers, on Tuesday was facing
potential strikes from workers at its Zaldivar mine and by
supervisors at Centinela as contract talks continue.

    * China's services sector grew at a slower pace in June as
new orders slumped, signalling renewed pressure on businesses
after a pickup in May and pointing to a softening outlook for
the economy, a private business survey showed on Wednesday.

    * A group of former traders from commodity house Glencore
 are set to launch an online platform on Wednesday that
allows mining companies and smelters to cut out the middlemen
and save cash on deals for concentrates. 
    * Indonesia has issued recommendations to two more companies
to allow them to export mineral ores.
    * Tanzania put more pressure on foreign mining companies on
Tuesday by amending mining and tax laws to make it mandatory for
the state to own at least 16 percent of mining projects, while
also raising export royalties.
    * China's central bank said on Tuesday the shadow banking
sector lacks sufficient regulation and the bank would give more
prominence to financial risk controls.
    * For the top stories in metals and other news, click       
    *  Asian share markets got off to a subdued start on
Wednesday as simmering tensions on the Korean peninsula
supported safe-harbours including the yen and gold. 
    0750  France  Markit services PMI Jun 
    0755  Germany Markit services PMI Jun 
    0800  Euro zone Markit services PMI final Jun 
    0900  Euro zone Retail sales May 
    1345  U.S. ISM-New York index Jun 
    1400  U.S. Factory orders May 
    1800  Federal Reserve to release minutes from June meeting  
 BASE METALS PRICES                   0136 GMT        
 Three month LME copper                         5886.5
 Most active ShFE copper                         47160
 Three month LME aluminium                      1924.5
 Most active ShFE aluminium                      14115
 Three month LME zinc                             2782
 Most active ShFE zinc                           23055
 Three month LME lead                           2278.5
 Most active ShFE lead                           17675
 Three month LME nickel                           9155
 Most active ShFE nickel                         75260
 Three month LME tin                                 0
 Most active ShFE tin                           144820
 BASE METALS ARBITRAGE                                
 LME/SHFE COPPER                  LMESHFCUc3    459.33
 LME/SHFE ALUMINIUM               LMESHFALc3    -1056.
 LME/SHFE ZINC                    LMESHFZNc3    264.45
 LME/SHFE LEAD                    LMESHFPBc3    -1337.
 LME/SHFE NICKEL                  LMESHFNIc3    2534.0

($1 = 6.7990 Chinese yuan renminbi)

 (Reporting by Melanie Burton; Editing by Richard Pullin)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below