June 24, 2020 / 6:28 AM / 2 months ago

METALS-Copper rises on supply risks but in choppy trade ahead of holiday in China

(Updates prices)

By Mai Nguyen

SINGAPORE, June 24 (Reuters) - Copper prices advanced on Wednesday in thin volume as rising coronavirus cases among the workforce in the top producing region of South America highlighted supply risks.

Three-month copper on the London Metal Exchange (LME) rose 0.1% to $5,909.50 a tonne by 0704 GMT, while the most-traded copper contract on the Shanghai Futures Exchange (ShFE) closed up 0.5% to 47,860 yuan ($6,772.90) a tonne.

Miner BHP Group Ltd announced stricter health protocols at the world’s largest copper mine Escondida, while the Chilean government imposed lockdowns for the mines-heavy Antofagasta region from Tuesday.

“Copper is inching up on supply fears as BHP’s massive Chilean mine at Escondida has... its workforce struck down with coronavirus,” said Malcolm Freeman, a director at Kingdom Futures, in a note, noticing low trading volume in Asian trading hours.

Earlier this week, Chilean state miner Codelco announced stricter safety measures and suspended some construction projects after two workers died from COVID-19.

Better-than-expected economic data in Europe and improving U.S. housing and business activity data boosted sentiment, but gains were capped as cases surged in the United States and South America.


* OTHER PRICES: LME zinc rose 0.1% to $2,041 a tonne and lead advanced 0.3% to $1,752.50 a tonne. In Shanghai, aluminium fell 0.5% to 13,605 yuan a tonne and zinc dropped 1% to 16,740 yuan a tonne.

* LEAD: Demand for lead-acid batteries from hospitals and food producers seeking more backup power is helping lead producers weather a collapse in orders from the auto sector.

* ALUMINIUM: China’s aluminium imports more than doubled year-on-year in May, but failed to hit an expected decade-high level, official data showed.

* SHFE: ShFE will be closed on Thursday and Friday for the Dragon Boat Festival in China and will reopen on June 29.

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$1 = 7.0664 yuan Reporting by Mai Nguyen; Editing by Krishna Chandra Eluri and Elaine Hardcastle

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