June 14, 2019 / 2:11 AM / 2 months ago

METALS-Copper rises as supply risks mount

SINGAPORE, June 14 (Reuters) - Copper prices rose on Friday, heading for their first weekly gain in nine weeks, on concerns that supply would tighten further as unionised workers at a Codelco mine decided to strike after a labour deal fell through.

Unionised workers at Codelco’s Chuquicamata copper mine, one of the world’s largest, said they would walk off their job beginning Friday after the firm did not meet their key requests, including health care, fair treatment and retirement benefits.

Benchmark copper on the London Metal Exchange (LME) rose 0.3% to $5873,50 a tonne by 0151 GMT and was on track for its first weekly gain since the week ended April 12.

The most active Shanghai copper contract rose 0.4% to 46,580 yuan ($6,730.82) a tonne.

FUNDAMENTALS

* Copper inventories at warehouses tracked by the LME jumped to 248,550 tonnes as of Wednesday, the highest since September 2018, latest data showed. MCUSTX-TOTAL

* Zambia will fine and break ties with mining firms that fail to operate according to the southern African country’s laws, President Edgar Lungu said on Thursday, escalating a dispute with India-listed Vedanta.

* Benchmark nickel rose 0.4%, while Shanghai nickel increased 1.5% amid worries that floods in Indonesia could disrupt supplies of nickel. Other metals were mixed.

* European lithium projects are making a fresh push for capital, eager to supply the white metal to a burgeoning network of battery manufacturers and electric vehicle makers across the continent, the world’s second-largest EV market after China.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian stocks held their ground after Wall Street gained on a surge in oil prices as attacks on tankers in the Gulf of Oman stoked U.S.-Iran tensions and raised concerns over supply flows through one of the world’s main sea lanes.

DATA/EVENTS (GMT)

0630 India WPI Inflation YY May

1030 Russia Central Bank Key Rate 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 = 6.9204 Chinese yuan)

Reporting by Mai Nguyen; Editing by Subhranshu Sahu

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