April 11, 2017 / 2:10 AM / in 3 months

METALS-London copper steady, but oversupply worries drag

3 Min Read

SYDNEY, April 11 (Reuters) - London copper was steady on Tuesday after dropping the day before, but concerns about oversupply continued to drag as the world's top two copper mines look to recover from disruptions.

Fundamentals

* LME COPPER: London Metal Exchange copper had gained 0.02 percent to $5,757 a tonne by 0105 GMT, after dropping nearly 1.5 percent the day before.

* SHFE COPPER: Shanghai Futures Exchange copper declined 1 percent to 46,670 yuan ($6,765 ) a tonne.

* COPPER SUPPLY: Prices have faltered since shipments resumed from BHP Billiton's Escondida mine in Chile and since Freeport McMoRan Inc said it was awaiting final details on a temporary export permit in Indonesia, ending lengthy disruptions.

* FOREIGN EXCHANGE: The dollar fell in Asian trading amid concerns over tensions with North Korea and Syria.

* U.S. STOCKS: U.S. stocks ended a choppy session slightly higher as gains in energy shares offset losses in financials ahead of quarterly corporate earnings later this week.

* BHP: BHP on Monday rejected a plan by activist shareholder Elliott Advisors to scrap the miner's dual company structure, split off its oil business and return more cash to investors, saying the costs would outweigh any benefits.

* PERU: A Southern Copper Corp spokesman said its copper operations in Peru were near normal as workers started an indefinite strike on Monday, although a union representative said 80 percent of capacity was affected.

* NEW CALEDONIA: A powerful cyclone that hit New Caledonia late on Monday and shuttered nickel operations has moved offshore, allowing authorities to lift warnings on the French South Pacific territory.

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* MARKETS: Global stock markets were pressured on Tuesday as rising tensions in the Middle East and political uncertainty in Europe kept investors on edge.

Data Ahead (Gmt)

0900 Euro Zone Industrial Production Feb

1000 U.S. NFIB Business Optimism Mar

1400 U.S. JOLTS Job Openings Feb

Prices

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS ($1 = 6.8988 Chinese yuan renminbi) (Reporting by James Regan; Editing by Joseph Radford)

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