for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

METALS-Copper hovers near record high on supply worry in Chile

HANOI, May 12 (Reuters) - Copper prices rose on Wednesday, as supply worries in Chile supported prices to stay near their record high levels touched earlier this week.

Three-month copper on the London Metal Exchange rose 0.5% to $10,513 a tonne by 0136 GMT, hovering near an all-time high of $10,747.50 a tonne hit on Monday.

The most-traded June copper contract on the Shanghai Futures Exchange advanced 0.6% to 76,300 yuan ($11,865.51) a tonne, also near its record 78,270 yuan a tonne.

Workers’ strike threats at BHP Group’s Escondida and Spence copper mines loomed after contract negotiations stalled, putting further pressure on an already tight copper concentrate market.

Prices have also been supported by hope that copper demand will be boosted by the renewable energy and electric vehicle sectors, as well as by a global economic recovery from the impacts of the pandemic.

FUNDAMENTALS

* Yangshan copper premium SMM-CUYP-CN, however, hovered around its lowest since February 2016 of $38.50 a tonne, as Chinese demand for imported metal weakened amid elevated commodities prices.

* Chinese smelter Tongling Nonferrous Metals Group’s output this year will be down by 40,000 tonnes due to maintenance at its Jinlong plant, a company source said.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares languished near one-month lows, as investors speculated surging commodity prices and growing inflationary pressure in the United States could lead to earlier rate hikes and higher bond yields globally.

DATA/EVENTS (GMT)

0600 Germany HICP Final MM April

0600 UK GDP Est 3M/3M March

0600 UK GDP Estimate MM, YY March

0600 UK Manufacturing Output MM March

0600 UK GDP Prelim QQ, YY Q1

0645 France CPI (EU Norm) Final MM, YY April

1230 US CPI MM, SA April ($1 = 6.4304 yuan) (Reporting by Mai Nguyen; Editing by Rashmi Aich Additional reporting by Tom Daly;)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up