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METALS-London copper near 2-week low on oversupply concerns

SINGAPORE, May 4 (Reuters) - London copper prices slipped to a near two-week low on Monday on fears of excess supply, as some producers looked set to resume operations and demand took a hit from the coronavirus outbreak.

Three-month copper on the London Metal Exchange (LME) fell as much as 1% to $5,061 a tonne, its lowest since April 22.

The global copper market is headed for a surplus of between 200,000-300,000 tonnes in 2020, the head of miner Antofagasta told Chilean media.

Global metals demand is expected to dwindle this year, as coronavirus-induced lockdowns around the world bring economic activity to a virtual standstill.

Supply prospects for copper, meanwhile, got a boost after Peru, the world’s second-biggest-producer of copper, said on Sunday it will gradually ease virus-driven restrictions on key sectors including mining in May.

Glencore’s Zambian subsidiary Mopani Copper Mines will resume mining for 90 days following a backlash from the government, but the company still expects to go ahead with its initial plan to place operations on hold.


* SHFE: The Shanghai Futures Exchange (ShFE) is closed for a public holiday in China and will reopen on Wednesday.

* NICKEL: Police in Indonesia’s North Maluku province arrested 8 people linked to a workers’ demonstration that turned violent at a nickel project run by France’s Eramet and China’s Tsingshan Holding Group.

* OTHER PRICES: LME aluminium dipped 0.3% to $1,482.50 a tonne by 0128 GMT, nickel eased 0.1% to $11,945 a tonne, zinc declined 0.6% to $1,902 a tonne and lead decreased 0.3% to $1,623.50 a tonne.

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* The dollar rose, oil fell and stock markets were poised to slip as rising U.S.-China tensions over the coronavirus - and growing unease at the gulf between asset prices and grim economic reality - turned investors cautious.


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Three month LME copper

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ARBS (Reporting by Mai Nguyen; Editing by Aditya Soni)