June 4, 2018 / 2:30 AM / 2 months ago

METALS-Shanghai copper hits highest since April as supply concerns emerge

    MELBOURNE, June 4 (Reuters) - Shanghai copper rallied to the
highest in more than six weeks on Monday, underpinned by a
slightly softer dollar and supply concerns amid wage
negotiations at the world's largest copper mine. 
    
    FUNDAMENTALS
    * Shanghai Futures Exchange copper climbed 1.3
percent to 51,990 yuan ($8,097) a tonne, having earlier struck
the highest since April 19.
    * COPPER: London Metal Exchange copper climbed 0.4
percent to $6,924 to by 0204 GMT, adding to gains in the
previous session. Prices earlier rose to $6,964.50, the highest
since May 23 and have punched above the 100-day moving average
improving the metal's technical picture. 
    * ESCONDIDA: The union of workers at BHP's
Escondida copper mine in Chile said on Friday it had kicked off
the latest round of labor negotiations with a contract proposal
that includes a bonus of about $34,000 per worker at the world's
largest copper mine.
    * TRADE: China warned the United States on Sunday that any
agreements reached on trade and business between the two
countries will be void if Washington implements tariffs and
other trade measures, as the two ended their latest round of
talks in Beijing.
    * U.S. ECONOMY: U.S. job growth accelerated in May and the
unemployment rate dropped to an 18-year low of 3.8 percent,
pointing to rapidly tightening labor market conditions, which
could stir concerns about inflation.
    * STERLITE: Eleven days after police in southern India fired
on protesters seeking the shutdown of a copper smelter owned by
London-listed Vedanta, killing 13, residents say people
suspected of involvement in the demonstrations are being
targeted in a wave of arrests.
    * COPPER: A roadside bomb killed an Afghan archaeologist
near an ancient Buddhist excavation site, also home to the
country's largest copper reserve, raising concerns about
increasing threats to government-backed projects, officials said
on Sunday.
    * NICKEL: Premiums for nickel clambered off 15-month lows,
rising by $25 to $190 according as the price window for imports
turned more attractive. Shandong Xinhai Technology Co, one of
China's largest nickel pig iron producers, has been told to cut
back output ahead of the Shanghai Cooperation Organisation (SCO)
summit in nearby Qingdao, an official told Reuters on Friday.

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    MARKETS NEWS    
    *  Asian shares edged up on Monday as strong U.S. jobs data
offset worries that tariff wars between the United States and
the rest of the world could drag global economic growth lower.
    
    DATA AHEAD (GMT)
    0830  Euro zone Sentix index Jun
    0900  Euro zone Producer prices Apr
    1345  U.S. ISM-New York index May
    1400  U.S. Factory orders Apr
    1400  U.S. Employment trends May    
    PRICES    
 BASE METALS PRICES                                       
 Three month LME copper                               6939
 Most active ShFE copper                             52070
 Three month LME aluminium                          2299.5
 Most active ShFE aluminium                          14685
 Three month LME zinc                                 3114
 Most active ShFE zinc                               24310
 Three month LME lead                               2450.5
 Most active ShFE lead                               19960
 Three month LME nickel                              15445
 Most active ShFE nickel                            117330
 Three month LME tin                                     0
 Most active ShFE tin                               154750
                                                          
 BASE METALS ARBITRAGE                                    
 LME/SHFE COPPER                    LMESHFCUc3      307.02
 LME/SHFE ALUMINIUM                 LMESHFALc3    -2401.46
                                                
 LME/SHFE ZINC                      LMESHFZNc3      363.85
 LME/SHFE LEAD                      LMESHFPBc3      285.57
 LME/SHFE NICKEL                    LMESHFNIc3    -1219.16
                                                
 

($1 = 6.4207 Chinese yuan renminbi)

    
 (Reporting by Melanie Burton; editing by Richard Pullin)
  
 
 
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