March 13, 2017 / 3:05 AM / 3 years ago

METALS-London copper rises the most in 3 weeks on dollar, Peru strike

    * Copper recovers from biggest weekly fall since Dec
    * Workers at Cerro Verde began indefinite strike on Friday
    * Euro rises to one-month high vs dollar

 (Adds Philippine lawmakers' meeting, updates prices)
    By Manolo Serapio Jr
    MANILA, March 13 (Reuters) - London copper futures rose the
most in three weeks on Monday, propped up by a softer dollar and
supply disruption concerns following an indefinite workers'
strike at Peru's top copper miner.
    Workers at Freeport-McMoRan's         Cerro Verde         
in Peru started an indefinite strike on Friday that halted
output of about 40,000 tonnes per month.             
    "This is positive development for copper after a week-long
weakness upon the expectation of (U.S.) rate hikes," said Helen
Lau, analyst at Argonaut Securities.
    Three-month copper on the London Metal Exchange         was
up 1.2 percent at $5,802 a tonne by 0830 GMT. The metal lost 3.1
percent last week, the most since December.
    The most-traded copper on the Shanghai Futures Exchange
         jumped 2.2 percent to close at 47,560 yuan ($6,887) a
    Copper was among a slew of commodities that posted their
biggest weekly decline in months last week after recent rallies
showed signs of petering out, pressured by a glut and tepid
demand from top consumer China. A stronger dollar ahead of a
looming U.S. rate increase also weighed.             
    At BHP Billiton's          Escondida copper mine in Chile,
the world's largest, the striking union said on Saturday it will
not accept the company's offer to return to the negotiating
table, and called on BHP to clarify its negotiating positions.
    BMI Research said it raised its 2017 copper price forecast
to $5,500 from $5,150 on solid Chinese demand growth and supply
disruption concerns.
    "Over a multi-year horizon, we expect copper prices to
gradually improve, however highlight downside pressure on prices
in 2018 from fading Chinese fiscal spending," BMI said in a
    The stronger euro against the U.S. dollar also aided copper
and other commodities, making dollar-denominated assets cheaper
for holders of other currencies.
    The euro touched a one-month high against the greenback
after some European Central Bank policymakers raised the
possibility of hiking interest rates before bond purchases end.
    LME zinc         rose 2.1 percent to $2,762 a tonne and zinc
in Shanghai          climbed 3.3 percent to 22,550 yuan a tonne.
LME aluminium         gained 0.4 percent to $1,888 per tonne and
Shanghai aluminium          added 0.7 percent to 13,880 yuan. 
    LME nickel         climbed 1.7 percent to $10,055 a tonne
after sliding 10 percent last week.
    Philippine President Rodrigo Duterte could reappoint the
environment minister who ordered more than half the country's
mines to shut down, as Congress appears set to defer a decision
on her confirmation after concluding hearings last week.     
    Congress' Commission on Appointments will meet on Tuesday to
discuss issues surrounding the appointment of Environment
Secretary Regina Lopez. 
    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                             
($1 = 6.9056 Chinese yuan)

 (Reporting by Manolo Serapio Jr.; Editing by Gopakumar Warrier
and Sherry Jacob-Phillips)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below