August 13, 2018 / 2:01 AM / 7 months ago

METALS-London copper prices sag as dollar strengthens on Turkish crisis

MANILA, Aug 13 (Reuters) - London copper edged down on Monday after the dollar rose to a 13-month high against the euro as investors sought safe havens amid the Turkish lira’s fall to a record low.

Turkey has drafted a economic action plan and will start implementing it on Monday morning to ease investor concerns, Finance Minister Berat Albayrak said on Sunday.

Three-month copper on the London Metal Exchange was down 1 percent at $6,131 a tonne by 0143 GMT, slipping for a second session in a row. The most-traded copper on the Shanghai Futures Exchange dropped 0.5 percent to 49,600 yuan ($7,216) a tonne.

* CHILE STRIKE: The main union at Chile’s Caserones copper mine said on Sunday that 98.5 percent of its workers had voted to reject a final offer from mine operator Lumina Copper during mediation. The union said that a strike had been agreed and it would begin on Tuesday at 8am.

* U.S. TARIFFS: U.S. President Donald Trump intensified his spat with Turkey by imposing higher tariffs on aluminium and steel imports, putting unprecedented economic pressure on a NATO ally and deepening turmoil in Turkish financial markets.

* RECYCLERS RUSH: Chinese copper fabricators and importers are scrambling to divert or resell cargoes of U.S. copper scrap en route to China after Beijing hit such imports with a 25-percent duty as the trade row with Washington deepens.

* EL TENIENTE: Four of the five labor unions representing workers at the El Teniente copper mine in Chile have accepted the latest contract offer from state mining company Codelco.

* RUSSIAN TAX: Vladimir Putin has ordered that a proposal to raise 500 billion roubles ($7.5 billion) a year from metal and mining firms be looked at, but the Russian president has not decided whether to approve the plan by a Kremlin economic aide.

* ZINC: LME zinc hit its lowest since July 30 at $2,524 a tonne, down nearly 1 percent from Friday. Shanghai zinc slid 1.9 percent to 21,140 yuan.


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 = 6.8740 Chinese yuan)

Reporting by Manolo Serapio Jr. Editing by Joseph Radford

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