October 16, 2019 / 2:50 AM / a month ago

METALS-Copper prices ease after Chile's Antofagasta averts labour strike

    SINGAPORE, Oct 16 (Reuters) - Copper prices dipped on
Wednesday as Chile's Antofagasta Minerals         , one of the
world's top copper producers, averted a labour strike at a
copper mine after reaching an agreement with its employees.
    The copper producer reached a labour agreement with a union
of supervisors at its flagship Los Pelambres mine in Chile, and
the newly inked 36-month contract includes a 1% hike in
salaries, a signing bonus of $17,000 as well as loan incentives
for workers, Antofagasta said in a statement.             
    Three-month copper on the London Metal Exchange (LME)
        was down 0.2% at $5,764 a tonne, as of 0216 GMT, while
the most-traded copper contract on the Shanghai Futures Exchange
(ShFE)          dipped 0.1% to 46,880 yuan ($6,609.61) a tonne.
    Prices were also pressured as demand for copper remained
subdued amid an ongoing trade war between the United States and
China, 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.             
    
    FUNDAMENTALS
    * 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 it suspended its Didipio
mine in the Philippines citing a dispute with local government.
            
    * KAZAKHSTAN: Kazakhstan's output of refined copper rose 11%
in January-September to 354,836 tonnes, while refined zinc
output was down 0.9% during the same period to 235,914 tonnes,
Statistics Committee data showed on Tuesday.             
    * ZINC: LME zinc         fell 0.8%, 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.             
    * CHINA LOANS: China's banks extended more-than-expected new
yuan loans in September, as policymakers ramped up support to
stabilise the slowing economy during a bruising trade war with
the United States.             
    * NICKEL: Shanghai nickel          fell 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.
    * "We are of the view that the short-term sales sluggishness
due to subsidies reduction put the brake on the break-neck
growth in electric-vehicle industry," said analyst Helen Lau of
Argonaut Securities in a note.
    * PRICES: LME aluminium         declined 0.1%, nickel
        fell 0.5%, lead         rose 0.1% and tin        
advanced 0.4%. Shanghai aluminium          rose 0.4%, zinc
         fell 0.5%, while tin          climbed 1.2%.
    * For the top stories in metals and other news, click       
          or             
        
    MARKETS NEWS    
    * Asian shares took off and sterling held near six-month
highs as Britain and the EU made headway on a Brexit deal ahead
of a leaders' summit though it remained unclear if London could
avoid postponing its scheduled departure on Oct. 31.            
   
        
    DATA/EVENTS (GMT)
    0830   UK   CPI YY              Sept
    0900   EU   HICP Final MM, YY   Sept
    1230   US   Retail Sales MM     Sept
    1800   US   Federal Reserve issues the Beige Book 
        
    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 = 7.0927 Chinese yuan)

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