Copper rises on supply disruption fears at Escondida mine

Aug 10 (Reuters) – Copper advanced on Tuesday on worries of supply disruptions at Chile’s Escondida, the world’s biggest copper mine, as mediation talks in hopes of preventing a strike were extended.

Three-month copper on the London Metal Exchange rose 0.7% to $9,437.50 a tonne by 0304 GMT.

The most-traded September copper contract on the Shanghai Futures Exchange dipped 0.3% to 69,470 yuan ($10,719.85) a tonne, tracking losses overnight in London.

BHP Group Ltd and the union of workers at its Escondida copper mine in Chile said on Monday they would extend government mediated contract talks an additional day in a last-ditch effort to stave off a strike.

FUNDAMENTALS

* New power consumption restrictions imposed by southern China’s Guangxi region on aluminium producers at the weekend could temporarily shut down about half a million tonnes of annual smelting capacity, consultancies said.

* Yangshan copper premium <SMM-CUYP-CN> rose to $60 a tonne, its highest since March 26, indicating improved demand for importing the metal into top consumer China.

* LME aluminium rose 0.3% to $2,556 a tonne, lead advanced 1% to $2,282 a tonne, zinc increased 0.7% to $2,972 a tonne while nickel was up 0.4% at $18,700 a tonne.

* ShFE nickel shed 2.1% to 139,260 yuan a tonne, tin jumped 2.3% to 235,820 yuan a tonne, aluminium fell 0. If you enjoyed this write-up and you would certainly like to get additional details concerning smm panel india kindly visit our own internet site. 5% to 19,830 yuan a tonne and lead declined 0.5% to 15,440 yuan a tonne.

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MARKETS NEWS

* Asian stocks started off on a weak footing after a largely soft performance on Wall Street and as persistent concerns over the spread of the Delta variant of the coronavirus dented sentiment and triggered falls in metals and oil prices.

DATA/EVENTS (GMT)

0900 Germany ZEW Economic Sentiment Aug

0900 Germany ZEW Current Conditions Aug

1200 Brazil IPCA Inflation Index MM July

($1 = 6.4805 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich)

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