February 27, 2017 / 2:20 AM / a year ago

METALS-London copper edges up as supply worries simmer

MELBOURNE, Feb 27 (Reuters) - London copper prices inched towards the key level of $6,000 a tonne on Monday, with supply concerns simmering amid production stoppages at the world's two biggest copper mines.


* Three-month copper on the London Metal Exchange had risen 0.2 percent to $5,940.50 a tonne by 0203 GMT, building on 1.2-percent gains from the previous session. LME copper hit a 20-month high of $6,204 a tonne on Feb. 13.

* Shanghai Futures Exchange copper rose 0.8 percent to 48,130 yuan ($6,998) a tonne.

* U.S. mining giant Freeport-McMoRan Inc last week warned that it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at the world's second-largest copper mine.

* BHP Billiton's decision this week to give up its legal right to replace striking workers at the Escondida copper mine in Chile is a move aimed at sacrificing some output to undermine the union's position, analysts said Wednesday.

* New U.S. single-family home sales rose less than expected in January, likely held back by heavy rains and flooding in California, but continued to point to a strengthening housing market despite higher prices and mortgage rates.

* A strike at Noranda Income Fund's zinc processing plant in Quebec stretched into a 13th day on Friday, with no talks scheduled between management and the United Steelworkers of America union.

* Hedge funds and money managers cut their net long position in copper futures and options, data from the Commodity Futures Trading Commission, showed, slashing it by 9,796 contracts to 78,511 - the lowest level in just over a month.

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* Asian stocks look set to edge lower for a second day on Monday as weak cues from U.S. share markets and declining European government bond yields on political worries push investors to take profits after a recent rally.


1000 Euro zone Business climate Feb

1000 Euro zone Consumer confidence final Feb

1330 U.S. Durable goods Jan

1500 U.S. Pending homes sales Jan


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 = 6.8774 Chinese yuan renminbi Reporting by Melanie Burton; Editing by Joseph Radford

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