Oct 6 (Reuters) - London copper rose on Tuesday as investors hoped for progress on U.S. stimulus talks, while a looming strike at a copper mine in top producer Chile raised production risks.
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 Tuesday.
Global markets sentiment also improved as U.S. President Donald Trump returned to the White House from the hospital where he was treated for COVID-19.
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.
Three-month copper on the London Metal Exchange rose 0.3% to $6,549.50 a tonne by 0234 GMT, while aluminium advanced 0.3% to $1,781.50 a tonne, zinc gained 0.5% to $2,339 a tonne and lead was up 0.5% at $1,765 a tonne.
* 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.
* For the top stories in metals and other news, click or
* Asia’s stock markets edged higher, cautiously adding to gains made as U.S. President Donald Trump’s health and prospects for a U.S. stimulus package improved, while bonds and the dollar nursed losses.
0330 Australia RBA Cash Rate Oct
0500 India IHS Markit Svcs PMI Sept
0600 Germany Industrial Orders MM Aug
1230 US International Trade Aug
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 (Reporting by Mai Nguyen; Editing by Vinay Dwivedi)
Our Standards: The Thomson Reuters Trust Principles.