May 22, 2019 / 2:47 AM / 6 months ago

METALS-London copper steadies amid Peru mine blockade; trade tensions linger

    BEIJING, May 22 (Reuters) - London copper prices edged
higher in early Asian trade on Wednesday, as a new blockade at
MMG Ltd's Las Bambas mine in Peru lent support to
prices, although gains were capped by ongoing U.S.-China trade
tensions.
    An earlier road blockade at the site by an indigenous
community in March and April disrupted the mine's copper
concentrate exports and boosted copper prices.
    
    FUNDAMENTALS
    * COPPER: Three-month copper on the London Metal Exchange
 inched up 0.1% to $6,004.50 a tonne by 0225 GMT, after
touching its lowest since Jan. 29 and ending down 0.6% in the
previous session. The most-traded July copper contract on the
Shanghai Futures Exchange fell 0.7% to 47,410 yuan
($6,865.94) a tonne.
    * COPPER: An indigenous Peruvian community has imposed a new
road blockade on MMG Ltd's Las Bambas mine, one of
Peru's largest copper producers, after talks with the company
over compensation broke down, a representative of the public
ombudsman office said on Tuesday.
    * ALUMINIUM: LME aluminium was down 0.1% at $1,795 a
tonne after posting its lowest close since January 2017 on
Tuesday. ShFE aluminium fell for a third day, slipping
as much as 0.9% to 14,135 yuan, its lowest since May 10.
    * BRAZIL: Albras aluminium smelter in Brazil, partly owned
by Norsk Hydro, started to ramp up its output on
Tuesday after a Brazilian federal court lifted production
restrictions at the Alunorte alumina plant.
    * BARRICK: Canadian miner Barrick Gold Corp said on
Tuesday it has proposed to acquire all of the shares it does not
already own in Acacia Mining Plc through a
share-for-share exchange of 0.153 Barrick shares for each
ordinary share of Acacia.
    * VEDANTA: A year after Indian police killed 13 people
protesting against pollution from a copper smelter in this
hardscrabble southern port city, tensions within the community
and between residents and the police are still running high.

    * COLUMN: What soaring iron ore and faltering copper say
about China: Andy Home
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks were on shaky ground, as earlier relief over
Washington's temporary relaxation of curbs against China's
Huawei Technologies failed to offset deeper worries about trade
frictions between the world's two largest economies.
   
        
    DATA AHEAD (GMT)
0830   UK     CPI YY      April
1800   US     Federal Open Market Committee will release
         minutes from its April 30-May 1 policy meeting
    
    PRICES        
 BASE METALS PRICES                        0225 GMT
 Three month LME copper                      6004.5
 Most active ShFE copper                      47420
 Three month LME aluminium                   1794.5
 Most active ShFE aluminium                   14200
 Three month LME zinc                          2575
 Most active ShFE zinc                        20595
 Three month LME lead                          1807
 Most active ShFE lead                        16060
 Three month LME nickel                       12030
 Most active ShFE nickel                      97700
 Three month LME tin                          19500
 Most active ShFE tin                        144670
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     579.55
 LME/SHFE ALUMINIUM           LMESHFALc3     154.66
                                          
 LME/SHFE ZINC                LMESHFZNc3      90.36
 LME/SHFE LEAD                LMESHFPBc3    1503.21
 LME/SHFE NICKEL              LMESHFNIc3    1786.31
                                          
 
    

($1 = 6.9051 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Rashmi Aich)
  
 
 
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