July 3, 2020 / 6:12 AM / in a month

METALS-Copper set for longest streak of weekly gains in nearly 3 years

(Updates prices)

BEIJING, July 3 (Reuters) - London copper prices were poised for a seventh consecutive weekly gain on Friday, their longest winning streak in nearly three years, despite a slight easing on the day after top supplier Chile assured traders of a steady output.

Mining giant Chile held its production of copper steady in May versus the previous year even as the coronavirus outbreak exploded in the South American nation.

“The one issue that hangs over all the markets is will we see a surge in secondary infections that will trigger a second wave of national rather than regional shutdowns?” Malcolm Freeman, director of Kingdom Futures, wrote in a note.

FUNDAMENTALS

* COPPER: Three-month LME copper was down 0.5% at $6,040 a tonne, as of 0702 GMT, but was heading for a weekly gain of 1.4%. It hit $6,120 on Thursday, its highest since Jan. 22.

The most-traded August copper contract on the Shanghai Futures Exchange closed 0.7% lower at 48,900 yuan ($6,922.72) a tonne but clocked a weekly gain of 2.9%, its seventh consecutive weekly rise.

* TC/RCs: China’s top copper smelters set their floor treatment and refining charges for the third quarter at $53 per tonne and 5.3 cents per pound..

* CONCENTRATE: Jiangxi Copper and Tongling Nonferrous have already inked copper concentrate supply deals with Antofagasta for the first half of 2021, two sources said. * OTHER METALS: Nickel and tin led the gains in Shanghai, adding 3.3% and 1.1%, respectively. In London, lead shed 0.9% and nickel added 1%.

MARKETS NEWS

* Asian shares rallied to a four-month high on robust U.S. payrolls data and a brisk pickup in Chinese service sector activity but a surge in coronavirus cases in the United States kept a lid on further risk-taking.

$1 = 7.0637 yuan Reporting by Tom Daly; Editing by Rashmi Aich and Sherry Jacob-Phillips

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