July 25, 2018 / 2:09 AM / 3 months ago

METALS-Shanghai copper jumps as Escondida makes final wage offer

    BEIJING, July 25 (Reuters) - Shanghai copper rose 2 percent
to a three-week high in early trade on Wednesday, tracking a
rise in London Metal Exchange (LME) prices on Tuesday amid tense
negotiations at Chile's Escondida copper mine, the world's
largest.
    Speculation last month about a possible strike at Escondida
pushed London copper to a near 4 1/2-year high of $7,348 a tonne
on June 7, before fears that a U.S.-China trade war could crimp
demand pushed the price below $6,000 tonne last week.
        
    FUNDAMENTALS
    * SHFE COPPER: The most-traded September copper contract on
the Shanghai Futures Exchange climbed as much as 2.2
percent to 50,270 yuan ($7,395) a tonne, the highest since July
5, and was up 1.8 percent at 50,070 a tonne as of 0140 GMT.
    * LME COPPER: Three-month copper on the LME edged
down 0.3 percent to $6,278 a tonne, after a 2.7 percent jump in
the previous session.
    * CHILE: BHP's Escondida copper mine in
Chile said on Tuesday it had made a final offer in talks with
the union representing its rank-and-file workers that includes a
beefed up contract signing bonus and a 1.5 percent increase in
wages.
    * OTHER METALS: The Shanghai base metals complex was up
across the board, with zinc and nickel both
gaining more than 1 percent.
    * DRC: A computer system used by customs officials in
Democratic Republic of Congo had technical problems at the
weekend, adding to delays to mining trucks carrying copper and
cobalt, sources and officials said on Tuesday. {nL5N1UK2X2]
    * BRAZIL: Norwegian aluminium producer Norsk Hydro
 said the timing for resuming full output at its
Alunorte alumina refinery in Brazil remained uncertain, with the
possibility it could be achieved between October and the middle
of next year.
    
    * For the top stories in metals and other news, click       
 or     
        
    MARKETS NEWS    
    * Asian stocks rode higher on Wednesday thanks to strong
U.S. corporate earnings and hopes China will boost fiscal
support for its economy, while long-term U.S. yields hovered
near six-week highs on speculation the Bank of Japan could be
less accommodative.    
        
    PRICES        
 BASE METALS PRICES                             0140 GMT
 Three month LME copper                      6278
 Most active ShFE copper                     50070
 Three month LME aluminium                   2084
 Most active ShFE aluminium                  14395
 Three month LME zinc                        2598.5
 Most active ShFE zinc                       21480
 Three month LME lead                        2160.5
 Most active ShFE lead                       18710
 Three month LME nickel                      13630
 Most active ShFE nickel                     11000
 Three month LME tin                         19605
 Most active ShFE tin                        145160
                                                        
 BASE METALS ARBITRAGE                                  
 LME/SHFE COPPER              LMESHFCUc3     640.83
 LME/SHFE ALUMINIUM           LMESHFALc3     -1964/9
 LME/SHFE ZINC                LMESHFZNc3     535.21
 LME/SHFE LEAD                LMESHFPBc3     794.38
 LME/SHFE NICKEL              LMESHFNIc3     2078.71
 
($1 = 6.7974 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below