May 8, 2020 / 3:58 AM / a month ago

METALS-Shanghai copper hits 3-week high on stronger China demand

    BEIJING, May 8 (Reuters) - Shanghai copper prices touched a
three-week high overnight and were on course to clock their
second straight weekly jump in early trade on Friday, buoyed by
strong import numbers for April in top consumer China. 
    The metal is on course for a gain of more than 1% over the
holiday-shortened week, which had seen the Shanghai Futures
Exchange closed on Monday and Tuesday before reopening on
Wednesday, when night trading also resumed.
    The London Metal Exchange is closed on Friday for the early
May bank holiday.
    
    FUNDAMENTALS
    * COPPER: The most-traded June copper contract on the
Shanghai Futures Exchange rose as much as 1.6% to
43,460 yuan ($6,145.88) a tonne in night-time trading, the
highest since April 17, and stood at 43,320 yuan by 0200 GMT. 
    * CHINA: China's imports of unwrought copper rose 4.4% from
the previous month to around 460,000 tonnes in April, while
copper concentrate imports topped 2 million tonnes.
    * CHILE: Chile's top copper mines ramped up production in
March even as the coronavirus outbreak took hold, boosted by a
sharp spike in output from state miner Codelco.
    * PERU: Peruvian miners are set to restart operations in
coming days and ramp up to around 80% of normal production
levels within a month, a senior official said, as the world's
No. 2 copper producing country looks to rebound from the impact
of the coronavirus pandemic.
    * VIRUS: Workers at the Toromocho copper mine in Peru,
operated by China's Chinalco, were given rapid tests for the
novel coronavirus on Thursday after an employee at its
processing facility tested positive.
    * OTHER METALS: Shanghai zinc was higher for a
fifth day, rising as much as 1.8% to 16,975 yuan a tonne, its
highest since Feb. 24. Aluminium slipped as much as
1.2% to a one-week low of 12,510 yuan a tonne and nickel
 fell 0.4%.
    * COLUMN: Trump's tariff wall breached by rising tide of
aluminium: Andy Home 
    * For the top stories in metals and other news, click       
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    DATA/EVENTS AHEAD (GMT)
1230   US      Non-Farm Payrolls
1230   US      Unemployment Rate
1230   US      Average Earnings YY
        
    PRICES    
    
 BASE METALS PRICES                       0200 GMT
 Most active ShFE copper                     43320
 Most active ShFE aluminium                  12535
 Most active ShFE zinc                       16875
 Most active ShFE lead                       13910
 Most active ShFE nickel                    101440
 Most active ShFE tin                       129430
 

($1 = 7.0714 Chinese yuan)

 (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
  
 
 
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