July 3, 2020 / 1:56 AM / a month ago

METALS-Copper steady, set for seventh weekly rise on Chile supply worries

BEIJING, July 3 (Reuters) - London copper prices were little changed in early Asian trade on Friday and were heading for an around 2% jump for the week, boosted by concerns over supply from Chile even as the world’s top miner of the metal said output was holding steady.

Copper, widely used in power and construction, is on course to notch its seventh weekly gain, which would be its longest winning streak in nearly three years.

FUNDAMENTALS

* COPPER: Three-month copper on the London Metal Exchange edged up 0.1% to $6,076.50 a tonne by 0131 GMT. It hit $6,118 on Thursday, its highest since Jan. 22.

The most-traded August copper contract on the Shanghai Futures Exchange rose 0.2% to 49,350 yuan ($6,987.91) a tonne and was on course to clock a weekly gain of 3.3%, also its seventh weekly rise in a row.

* TC/RCs: China’s top copper smelters are meeting on Friday to decide floor treatment and refining charges (TC/RCs) for the third quarter. Jiangxi Copper and Tongling Nonferrous have already inked copper concentrate supply deals with Antofagasta for the first half of 2021, two sources said.

* CHILE: Chile kept copper output steady in May from a year earlier even as the coronavirus outbreak exploded.

* OTHER METALS: Nickel and tin led the gains in Shanghai, adding 1.3% and 1.2%, respectively. In London, lead was the biggest mover, shedding 0.4%.

* ALUMINIUM: Aluminum Corp of China Ltd, known as Chalco, will shut alumina production lines accounting for about 10% of its total capacity.

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MARKETS NEWS

* Asian stocks were likely to track a firmer Wall Street session after strong U.S. jobs data although growing Sino-U.S. tensions and a worrying surge in coronavirus cases is likely to cap gains.

$1 = 7.0622 Chinese yuan renminbi Reporting by Tom Daly; Editing by Rashmi Aich

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