SINGAPORE, June 25 (Reuters) - Copper prices rose on Tuesday, amid worries over supply, after thousands of workers of Chile’s Codelco rejected the company’s offer during the weekend and extended the strike at a major mine.
Workers at Chuquicamata, one of the world’s biggest copper mines, have been on strike since mid-June to demand better healthcare and retirement benefits, hurting output of state-run Codelco, the world’s top copper producer.
“Supply side issues overweighed concerns about the economic backdrop. Copper prices remained supported by the ongoing strike at Codelco’s Chuquicamata copper mine,” said ANZ in a note.
Three-month copper on the London Metal Exchange rose 0.4% to $5,981.50 a tonne by 0225 GMT, while the most-traded copper contract on the Shanghai Futures Exchange advanced 0.4% to 47,000 yuan ($6,837.16) a tonne.
* TRADE TALKS: Senior Chinese and U.S. trade officials spoke by telephone on Monday ahead of talks between Chinese President Xi Jinping and U.S. President Donald Trump set for late June, China’s Ministry of Commerce said in a statement on Tuesday.
* TRUMP VIEW ON TALKS: Trump views this week’s meeting with Xi as a chance to see where Beijing stands on the two countries’ trade war, and is “comfortable with any outcome” from the talks, a senior U.S. official said on Monday.
* TESLA/JAPAN ALUMINIUM: The U.S. Commerce Department has agreed to Tesla Inc’s request to waive 10% tariffs on imported aluminium from Japan used in the manufacture of battery cells at Tesla’s Nevada Gigafactory.
* PRICES: Benchmark aluminium rose 0.3%, nickel increased 0.5%, zinc edged up 0.2%. In Shanghai, aluminium advanced 0.4%, nickel was up 0.9% while zinc jumped 1.8% and lead rose 1.2%.
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* Asian stocks were left adrift as expectations of more dovish talk from the Federal Reserve pushed down Treasury yields and the dollar, while lifting gold to six-year peaks.
1200 Brazil IPCA-15 Mid-Month CPI June
1400 US Consumer Confidence June
1400 US New Home Sales-Units May
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 = 6.8742 Chinese yuan)
Reporting by Mai Nguyen; editing by Uttaresh.V