Shanghai copper rallies, LME closed for holiday

Shanghai LME market holiday

Now Close Now Close Copper
62900 62310 8180.00
Aluminium 19140 19030 3001.00
Zinc 18020 17800 2145.00
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MAY 26

In the news > Mexican miners set 24-hour
strike for Monday [nN25312991] > Chile El Teniente to
reopen after two days shut [nN25312867] > Noncommercial longs
in U.S. copper, gold up 20 pct[nN23287593] > Gold ends firmer
on oil gains, bargain hunting [nL23437514] > Copper,
aluminium steady; nickel up from 2-yr low [nL23724389] > US
copper futures end up in rebound from 2-mth low[nN23516794]
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* Shanghai August copper SCFQ8 opened at 62,900 yuan at 0101
GMT on Monday, up from 62,310 yuan ($8,977) at the previous
close, supported by near 6,000-tonne fall in weekly Shanghai
stocks <0#SGH-STOCKS>.
* Supply disruptions and labour unrest support. Landslides in
Chile forced Codelco to close its El Teniente operations for
two days when an access road was blocked, while in Mexico,
miners planned a 1-day strike on Monday after the labour
ministry failed to confirm the re-election of Napoleon Gomez as
union leader.
* London Metal Exchange copper MCU3 ended higher at $8,180
on Friday and in after-hours dealing added another $55 to
$8,235. Market shut for public holiday on Monday. U.S. also out
for Memorial Day .
* The net long, or bullish, position held by noncommercial
investors in U.S. copper and gold futures jumped by around 20
percent each in the week to May 20.
($1=6.941 Yuan)
(Reporting by Nick Trevethan; Editing by Alan Raybould)