June 28, 2019 / 2:29 AM / 22 days ago

METALS-Copper edges up after accident at Glencore mine

SINGAPORE, June 28 (Reuters) - Copper prices rose slightly on Friday, following news that dozens of artisanal miners were killed when part of a copper and cobalt mine owned by Glencore collapsed in Congo.

At least 41 artisanal diggers died at the KOV copper and cobalt open-pit mine in Congo, in which Glencore unit Katanga Mining has a 75% stake, local authorities said.

Artisanal mining on the edge of commercial mine sites is a big problem across Africa as the rudimentary and unregulated practices miners employ can compromise safety. Glencore said the accident has not impacted output.

Three-month copper on the London Metal Exchange rose 0.3% to $4,006 a tonne by 0201 GMT, while the most-traded copper contract on the Shanghai Futures Exchange (ShFE) edged up 0.1% to 47,130 yuan ($6,853.38) a tonne.

Meanwhile, a two-week strike that docked output at Chile’s Chuquicamata copper mine has ended after three main labour unions voted on Thursday to accept the latest contract offer from Codelco, the world’s largest copper producer.

FUNDAMENTALS

* PRICES: London aluminium rose 0.8%, zinc advanced 0.9%. Nickel edged down 0.1%, lead fell 0.1% and tin eased 0.2%.

* SHFE: Shanghai nickel rose 0.9%, while most other metals fell, with aluminium easing 0.6%, zinc dipping 0.3% and lead falling 0.7%.

* CHINA: China’s central bank said on Thursday it will maintain support for the slowing economy as global risks rise, while vowing not to adopt “flood-like” stimulus that analysts say could exacerbate debt and structural risks.

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MARKETS NEWS

* Share markets in Asia edged higher early as investors clung on to hopes that a highly anticipated meeting between U.S. President Donald Trump and Chinese President Xi Jinping this weekend could lead to an easing of trade tensions.

DATA/EVENTS

0645 France CPI (EU Norm) Prelim YY June

0830 UK GDP QQ YY Q1

0900 EU HICP Flash YY June

0900 EU HICP-X E&E Flash YY June

1100 Brazil TJLP Lending Rate Q3

1230 US Consumption Adjusted MM May

1400 US U Mich Sentiment Final June

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 = 6.8769 Chinese yuan renminbi)

Reporting by Mai Nguyen; editing by Richard Pullin

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