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METALS-Copper prices hit 3-month highs on Chile supply concerns

Commodities Jun 06, 2018 17:40
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© Reuters. METALS-Copper prices hit 3-month highs on Chile supply concerns
 
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(Adds Shanghai closing prices, updates London prices)

BEIJING, June 6 (Reuters) - Base metals rose on Wednesday, with copper and lead gaining ground on fears of a supply squeeze, while nickel and zinc tracked the ferrous complex higher after a blast at an iron ore mine in China and amid falling inventories. most-traded July copper contract on the Shanghai Futures Exchange SCFcv1 rose for a fourth straight day, ending up 2 percent at 53,090 yuan ($8,309.20) a tonne, its highest close since March 7, while London copper was up for a fifth session, hitting its highest since late February.

The gains came as concerns persisted over disruption at the Escondida copper mine in Chile, the world's largest, where wage talks are under way.

However, signs of slowing downstream demand in China, the world's top copper consumer, and the strength of dollar mean copper "may continue to be range-bound with periodic upside surprise on the newsflow of supply disruptions," Argonaut Securities analyst Helen Lau wrote in a note.

A stronger greenback makes dollar-denominated metals more expensive for holders of other currencies. The dollar index .DXY was down 0.2 percent on Wednesday, supporting prices.

FUNDAMENTALS

* LME COPPER: Three-month copper on the London Metal Exchange CMCU3 rose as much as 0.8 percent to $7,158 a tonne, its highest since Feb. 26, and stood at $7,135 a tonne at 0731 GMT.

* ALUMINIUM: LME aluminium CMAL3 climbed as much as 1.4 percent to $2,345 a tonne, the highest since May 10, while Shanghai aluminium SAFcv1 closed up 1.6 percent at 14,885 yuan a tonne.

* ALUMINIUM: China Hongqiao Group 1378.HK , the world's biggest aluminium producer, said it signed a financing agreement worth 30 billion yuan ($4.7 billion) with Industrial Bank Co Ltd 601166.SS as it looks to upgrade its manufacturing facilities. LEAD/ZINC/NICKEL: Shanghai lead SPBcv1 closed up 1.4 percent after hitting an 18-month high of 20,780 yuan a tonne amid a crackdown on recycling in China, while zinc SZNcv1 ended up 1.9 percent and nickel SNIcv1 finished 2 percent higher.

* LITHIUM: Chilean lithium miner SQM SQMa.SN , SQM_pb.SN has retained former chairman Julio Ponce as an adviser, according to Chilean state development agency Corfo, despite an agreement to distance himself from the firm to end a long-running royalties dispute. the top stories in metals and other news, click

TOP/MTL or MET/L

MARKETS NEWS

* Asian stocks rose on Wednesday after tech sector strength lifted Wall Street shares while concerns about Italy's debt prompted investors to move into lower-risk government debt elsewhere, pushing U.S. Treasury yields down from recent highs. MKTS/GLOB

PRICES

BASE METALS PRICES

0719 GMT Three month LME copper

CMCU3

7145 Most active ShFE copper

SCFcv1

53090 Three month LME aluminium

CMAL3

2337.5 Most active ShFE aluminium

SAFcv1

14885 Three month LME zinc

CMZN3

3207.5 Most active ShFE zinc

SZNcv1

24635 Three month LME lead

CMPB3

2522.5 Most active ShFE lead

SPBcv1

20675 Three month LME nickel

CMNI3

15765 Most active ShFE nickel

SNIcv1

118760 Three month LME tin

CMSN3

20660 Most active ShFE tin

SSNcv1

152690

BASE METALS ARBITRAGE

LME/SHFE COPPER

LMESHFCUc3

120.96 LME/SHFE ALUMINIUM

LMESHFALc3 -2451.54 LME/SHFE ZINC

LMESHFZNc3

89.91 LME/SHFE LEAD

LMESHFPBc3

545.54 LME/SHFE NICKEL

LMESHFNIc3 -1091.74 ($1 = 6.3893 Chinese yuan)

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Top Base and Precious Metals Analysis - GFMS

http://tmsnrt.rs/2lvmIzW

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

METALS-Copper prices hit 3-month highs on Chile supply concerns
 

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