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METALS-Copper rises on U.S. stimulus hope, Chile mining risks

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.

FUNDAMENTALS

* 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

MARKETS NEWS

* 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.

DATA/EVENTS (GMT)

0330 Australia RBA Cash Rate Oct

0500 India IHS Markit Svcs PMI Sept

0600 Germany Industrial Orders MM Aug

1230 US International Trade Aug

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 (Reporting by Mai Nguyen; Editing by Vinay Dwivedi)

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