(Updates prices, adds details)
By Mai Nguyen
SINGAPORE, Nov 5 (Reuters) - Copper prices rose on Tuesday, after producer Antofagasta Plc cut its output forecast from Chile due to nationwide protests in the world’s biggest producer of the metal.
“Further signs of weaker copper output in Chile are emerging. Antofagasta said that Chilean unrest has slowed production,” ANZ said in a note.
Antofagasta on Monday doubled its output cut from Chile to about 10,000 tonnes, pointing to a bigger hit from the protests in the South American nation, which has seen weeks of demonstrations against inequality.
Three-month copper on the London Metal Exchange (LME) rose 0.5% to $5,903.50 a tonne by 0709 GMT, on track for its third straight gain.
The most-traded copper contract on the Shanghai Futures Exchange (ShFE) advanced 0.5% to 47,250 yuan ($6,738.35) a tonne.
* CHINA COPPER: Copper inventory at China’s bonded warehouses SMM-CUR-BON dropped to a record low at 243,500 tonnes in November, according to monthly data by Shanghai Metals Market.
* INDONESIA NICKEL: A Tsingshan battery nickel and cobalt project in Indonesia, developed with GEM Co Ltd is expected to start trial production in August 2020, with the first phase of operations up and running by the end of the year.
* HUAYOU/TSINGSHAN: China’s top cobalt maker Zhejiang Huayou expects its nickel and cobalt processing plant, developed with Tsingshan in Indonesia, to start production in two years, its president said.
* TRADE DEALS: China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a “phase one” U.S.-China trade deal, people familiar with the negotiations said on Monday.
* CHINA RATES: China’s central bank cut the interest rate on its medium-term lending facility for the first time since early 2016, as policymakers work to prop up a slowing economy hit by weaker demand at home and abroad.
* UNITED STATES: New orders for U.S.-made goods fell more than expected in September and business spending on equipment was weaker than initially thought, suggesting that manufacturing remains soft amid the ongoing U.S.-China trade war.
* PRICES: LME aluminium fell 0.1%, nickel lost 0.6%, zinc eased 0.4% while lead advanced 0.1%. ShFE aluminium increased 0.4%, nickel dropped 2% and lead declined 0.4%.
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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 = 7.0121 Chinese yuan) (Reporting by Mai Nguyen; Editing by Tom Hogue, Aditya Soni and Uttaresh.V)