Company News

METALS-Copper hits over 2-wk high on stimulus hopes, Chile strike

Oct 9 (Reuters) - Copper prices rose to a more than two-week high on Friday over renewed hopes for more U.S. stimulus and a labor strike at a mine in top producer Chile.

Three-month copper on the London Metal Exchange advanced as much as 1% to $6,749.50 a tonne, its highest since Sept. 23. The contract was up 2.9% on a weekly basis and set for its biggest weekly rise since July 10.

The most-traded November copper contract on the Shanghai Futures Exchange hit 51,680 yuan ($7,686.13) a tonne, a high unseen since Sept. 23.

A union of workers at Lundin Mining’s Candelaria copper mine in Chile walked off the job on Thursday after talks broke down earlier this week, the head of the union told Reuters.

Meanwhile, U.S. President Donald Trump on Thursday said talks with the Congress have restarted over further COVID-19 relief after he ended the talks earlier in the week. However, the prospect of the deal is still unclear.


* LME aluminium rose 0.2% to $1,808.50 a tonne by 0158 GMT, while nickel advanced 2.1% to $14,965 a tonne, zinc climbed 2.8% to $2,430 a tonne and lead rose 1.5% to $1,819 a tonne.

* ShFE aluminium was up 1.5% at 14,405 yuan a tonne, nickel jumped 2.2% to 115,680 yuan a tonne, while lead fell 1.6% to 14,855 yuan a tonne.

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


* Asian shares were set to track Wall Street gains as revived hopes for a U.S. stimulus deal helped investors overlook weaker-than-expected jobs data and growing global coronavirus cases.


0145 China Caixin Services PMI Sept

0600 UK GDP Est 3M/3/M Aug

0600 UK GDP Estimate MM, YY Aug

0600 UK Manufacturing Output MM Aug

$1 = 6.7238 yuan Reporting by Mai Nguyen; Editing by Vinay Dwivedi