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METALS-Copper dips on virus fears, U.S stimulus aid uncertainty

Oct 27 (Reuters) - Copper prices fell on Tuesday following caution over surging global cases of COVID-19 and the uncertainty around a new U.S stimulus package ahead of the presidential election.

The United States, Russia, France and many other countries set records for daily infections, while a much-awaited U.S. stimulus was yet to be agreed.

Investors also stayed on the sidelines ahead of the U.S. presidential election due on Nov. 3.

Three-month copper on the London Metal Exchange fell 0.1% to $6,777.50 a tonne by 0244 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange declined 0.9% to 51,480 yuan ($7,680.60) a tonne.

FUNDAMENTALS

* LME aluminium rose 0.1% to $1,830 a tonne, while zinc declined 0.3% to $2,531.50 a tonne. ShFE nickel rose 0.3% to 119,250 yuan a tonne and lead advanced 0.7% to 14,415 yuan a tonne.

* Shipments from MMG Ltd’s Las Bambas copper mine in Peru have returned to normal after nearly a week of disruption, the company said, even as it slashed its output guidance for the mine in 2020 by more than 10%.

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MARKETS NEWS

* Shares fell across the globe as surging coronavirus cases in Europe and the United States clouded the world economic outlook, boosting the safe-haven dollar.

DATA/EVENTS AHEAD (GMT)

1230 US Durable Goods Sept

1400 US Consumer Confidence Oct

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 = 6.7026 yuan) (Reporting by Mai Nguyen; editing by Uttaresh.V)

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