METALS-London copper hovers around $6,000, near highest since March
MELBOURNE, July 24 (Reuters) – London copper was marking time near its highest since early March on Monday ahead of the release of a spate of global manufacturing reports, underpinned by extended weakness in the dollar and prospects of tighter mine supply.
Supply side concerns and a weaker dollar have driven base metal prices higher, ANZ said in a report.
Union-represented workers and management at Antofagasta’s Zaldivar copper mine in Chile failed to reach a wage deal on Thursday and they agreed to extend government-mediated talks into this week. “(That is) raising fears that strike action may disrupt output in coming weeks,” ANZ said.
* LME COPPER: London Metal Exchange copper was trading down 0.1 percent at $5996.50 a tonne, as of 0734 GMT, following a 0.8 percent gain in the previous session when prices reached $6,051, their highest since March 1.
* SHFE COPPER: Shanghai Futures Exchange copper ended little changed at 47,760 yuan ($7,073) a tonne.
* SUPPLY DISRUPTIONS: Disruptions to copper shipments from Canada and Chile have undermined expectations for rising global copper supplies in the second-half of the year, cutting the charges that smelters charge miners to process metal.
* INDONESIA STRIKE: An estimated 5,000 workers at the giant Grasberg copper mine operated by Freeport-McMoRan Inc’s Indonesian unit will extend their strike for a fourth month in an ongoing dispute over layoffs and employment terms. * HEDGE FUNDS: Hedge funds and money managers increased their net long position in copper by 7,706 lots to 74,233 lots, the highest since February. * OTHER METALS: Steel-linked metals LME nickel , LME zinc and LME lead climbed half to one percent, with similar gains seen for those metals on the Shanghai exchange.
Read the rest of the story on Kitco.