March 21, 2017 / 1:47 AM / 7 months ago

METALS-London copper hits 1-week low as talks resume over Chile strike

 (Updates prices)
    By Melanie Burton
    MELBOURNE, March 21 (Reuters) - London copper prices dropped
on Tuesday to their lowest in a week after unions and miner BHP
Billiton said they would hold further talks that could lead to
the restart of production at the world's biggest copper mine.
    
    FUNDAMENTALS
    * LME: Three-month copper on the London Metal Exchange
        was down 1.1 percent at $5,817.50 a tonne, by 0116 GMT,
erasing a 0.9-percent gain from the previous session. Earlier in
the session, it fell to $5,781 a tonne, its weakest since March
14.
    * SHFE: Shanghai Futures Exchange copper          was down
1.6 percent at 47,290 yuan ($6,855) a tonne.
    * ESCONDIDA: The union for striking workers at BHP
Billiton's                  Escondida copper mine in Chile said
after meeting with the company on Monday that it was open to
further conversations that could lead to reopening
negotiations.            
    * U.S. RATES: The Federal Reserve is on track to raise
interest rates twice more this year after a policy tightening
last week, and it could be more or less aggressive depending on
inflation and fiscal policies from the Trump administration, a
Fed rate-setter said on Monday.             
    * CHINA: Chinese Premier Li Keqiang said the country would
further open its services, manufacturing and mining sectors to
the outside world, the official Xinhua news agency reported on
Tuesday, even as foreign enterprises struggle with protectionist
policies.             
    * NICKEL: The global market for refined nickel started the
year with a 1,100-tonne deficit in the month of January due to
robust demand growth from Asia and the Americas, a report from
the International Nickel Study Group showed on Tuesday.
            
    * COPPER: The global world refined copper market showed a
17,000-tonne surplus in December, compared with a 3,000-tonne
deficit in November, the International Copper Study Group (ICSG)
said in its latest monthly bulletin.             
    * PERU: Heavy rains in Peru have disrupted train transport
of minerals from the country's central region to the Pacific
Coast, and the train line could take at least 15 days to fix,
Vice President and Transport Minister Martin Vizcarra said on
Monday.             
    * ALUMINIUM: Daily average primary aluminium output in China
fell to 90,500 tonnes in February from 95,200 tonnes the month
earlier, data from the International Aluminium Institute (IAI)
showed.             
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          or             
        
    MARKETS NEWS    
    * Asian shares clung to their 15-month highs on Tuesday,
while the dollar and U.S. bond yields were on the back foot on
the prospects of a less-hawkish Fed policy trajectory.
               
        
    DATA AHEAD (GMT)
    0930 Britain Consumer prices Feb
    1230 U.S. Current account Q4
    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 = 6.8989 Chinese yuan)

    
 (Reporting by Melanie Burton; Editing by Joseph Radford and
Sherry Jacob-Phillips)
  
 
 

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