October 16, 2019 / 5:05 AM / a month ago

METALS-Copper dips after Chilean miner Antofagasta averts labour strike

 (Updates prices)
    By Mai Nguyen
    SINGAPORE, Oct 16 (Reuters) - Copper prices dipped on
Wednesday as supply fears eased after a leading Chilean producer
averted a labour strike, and as demand remained depressed amid
the Sino-U.S. trade war.
    Antofagasta Minerals         , one of the world's top copper
producers, reached a labour agreement with a union of
supervisors at its flagship Los Pelambres mine, including a
salary hike, bonus and loan incentives for workers.             
    Three-month copper on the London Metal Exchange (LME)
        fell 0.4% to $5,748.50 a tonne as of 0700 GMT, while
Shanghai Futures Exchange's (ShFE) most-traded copper contract
         ended 0.4% lower to 46,750 yuan ($6,591.47) a tonne.
    Demand for the red metal remained subdued amid the ongoing
trade war between the world's two biggest economies and also
major copper users.
    The International Monetary Fund warned on Tuesday that the
U.S.-China trade war will cut 2019 global growth to its slowest
pace since the 2008-2009 financial crisis, while a Reuters poll
saw China's growth slowing to a near 30-year low this year.
                         
    
    FUNDAMENTALS
    * WINTER CUTS: China's northern cities will be required to
cut emissions of dangerous PM2.5 particles as part of the
country's anti-pollution plan for winter.             
    * HONGQIAO: Top aluminium producer China Hongqiao Group
          has agreed to set up a "green aluminium" industrial
park in China's Yunnan province.             
    * CHINA COPPER: Fitch Solutions forecasted China's copper
output growth rate during 2019-2028 to slow to an annual average
of 1.9%, from an average rate of 4.8% in the previous decade,
due to declining copper ore grades in the country.
    "China will ramp up overseas copper investment in the coming
years as the nation's domestic copper production capacity fails
to meet internal domestic consumption levels," Fitch Solutions
said in a report.
    * COPPER: Australia's OceanGold Corp          lowered its
2019 copper output target to 10,000-11,000 tonnes, from
14,000-15,000 tonnes previously, after suspending a mine in the
Philippines.             
    * ZINC: LME zinc         fell 0.4%, after hitting its
highest in two-and-a-half months in the previous session amid
low inventories caused by a bottle-neck issue at the smelting
stage and exacerbated by recent smelter outages.             
    * NICKEL: Shanghai nickel          dropped to as low as
131,750 yuan a tonne, its lowest since Aug. 30, amid weak demand
from both the stainless steel and electric-vehicle sectors.
    * PRICES: LME nickel         fell 0.6%, lead         eased
0.1% and tin         advanced 0.5%. Shanghai aluminium         
rose 0.6%, zinc          fell 0.4%, and tin          climbed
1.3%.
    * For the top stories in metals and other news, click       
          or             
        
    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 = 7.0925 Chinese yuan renminbi)

 (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)
  
 
 
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