June 18, 2019 / 2:13 AM / a month ago

METALS-Copper edges higher on Chile mine strike, eyes Fed meet

    BEIJING, June 18 (Reuters) - London copper prices moved
higher for a second day in early Asian trade on Tuesday as a key
mine in Chile halved output due to a strike, while investors
waited for news from the U.S. Federal Reserve's interest rate
meeting. 
    Lower interest rates tend to push commodity prices higher as
they mean lower inventory financing costs, but analysts say the
Fed is unlikely to cut rates this week.
    
    FUNDAMENTALS
    * COPPER: Three-month copper on the London Metal Exchange
 was up 0.1% at $5,850 a tonne as of 0142 GMT, after
ending up 0.4% in the previous session. The most-traded August
copper contract on the Shanghai Futures Exchange rose
0.5% to 46,390 yuan ($6,699.21) a tonne.
    * COPPER: Chile's Codelco            said on Monday that its
Chuquicamata copper mine, one of the world's largest, had
maintained output at 50% of capacity as it faced its fourth full
day of a union strike.
    * CHINA: China's refined copper output fell by 5.2%
year-on-year and 3.9% month-on-month to 711,000 tonnes in May,
data released by the National Bureau of Statistics on Monday
showed. 
    * GLENCORE: Zambia's Mopani Copper Mines (MCM) has shut down
its Mufulira smelter for major refurbishment, the Glencore-owned
 company said on Monday.
    * OTHER METALS: Aluminium and tin also
inched up 0.1% in London, while nickel rose 0.2%. Zinc
 fell 0.3% and sister metal lead slipped 0.2%.
    * ALUMINIUM: Bosnia's aluminium smelter Aluminij Mostar
 is seeking a strategic partner to avoid bankruptcy and
a consortium led by London-listed miner and Glencore has shown
interest, its general manager said.
    * For the top stories in metals and other news, click       
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    MARKET NEWS    
    * Investor caution ahead of the Federal Reserve's interest
rate meeting capped Asian stocks, while crude oil prices
retreated as global growth worries overshadowed supply concerns
stemming from recent Middle East tensions.    
        
    DATA/EVENTS AHEAD (GMT)
0900    EU       HICP Final MM YY         May
0900    EU       Eurostat Trade NSA, Eur  April
US Federal Open Market Committee starts two-day meeting on
interest rates        
        
    PRICES
 BASE METALS PRICES                      0143 GMT
 Three month LME copper                    5851.5
 Most active ShFE copper                    46390
 Three month LME aluminium                   1761
 Most active ShFE aluminium                 13800
 Three month LME zinc                      2462.5
 Most active ShFE zinc                      19995
 Three month LME lead                      1882.5
 Most active ShFE lead                      16180
 Three month LME nickel                     11800
 Most active ShFE nickel                    99080
 Three month LME tin                        18965
 Most active ShFE tin                      143660
                                                 
 BASE METALS ARBITRAGE                           
 LME/SHFE COPPER             LMESHFCUc3    617.93
 LME/SHFE ALUMINIUM          LMESHFALc3     -76.2
                                         
 LME/SHFE ZINC               LMESHFZNc3    290.15
 LME/SHFE LEAD               LMESHFPBc3    958.09
 LME/SHFE NICKEL             LMESHFNIc3    3239.9
                                         
 ($1 = 6.9247 Chinese yuan)

    
 (Reporting by Tom Daly; editing by Uttaresh.V)
  
 
 
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