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Oct 6 (Reuters) - London copper rose on Tuesday as investor sentiment improved on U.S. President Donald Trump’s return to the White House after receiving COVID-19 treatment at a hospital, allaying concerns over political uncertainty.
Trump told Americans “to get out there” and not fear COVID-19 following a three-night hospital stay.
“The markets all started to follow the Dow again which rallied on the news of President Trump returning to the White House where he promptly made a speech saying this is not so bad get out there and get back to a life,” Kingdom Futures Director Malcolm Freeman said in a note.
Three-month copper on the London Metal Exchange rose 0.2% to $6,541.50 a tonne by 0712 GMT, while aluminium advanced 0.6% to $1,786 a tonne, zinc gained 0.5% to $2,337 a tonne and lead was up 1% at $1,774.50 a tonne.
Meanwhile, a workers’ union at the Candelaria copper mine in Chile rejected a contract offer from Canada’s Lundin Mining, raising the possibility of a strike.
U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke by phone for about an hour on Monday on coronavirus economic relief, which would boost demand for copper, and were preparing to talk again on Tuesday.
* The discount on LME cash copper over the three-month contract CMCU0-3 stretched to $14.25 a tonne, its biggest since June. 22, indicating abundant nearby supplies.
* UK-based Amalgamated Metal Trading has opened an office in Singapore with a view to expanding its non-ferrous, ferrous and precious metals client base in Southeast Asia and Australia.
* Peru’s miners hope to have their workforce back up to full strength by the end of the year after being slammed by the coronavirus pandemic, the country’s energy and mines minister said on Monday.
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Reporting by Mai Nguyen; Editing by Vinay Dwivedi
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