March 26, 2019 / 1:38 AM / 3 months ago

REFILE-METALS-Copper steady as supply concerns offset U.S. economy fears

 (Corrects day in paragraph 1 to Tuesday from Monday)
    BEIJING, March 26 (Reuters) - London copper prices were flat
in early Asian trade on Tuesday as fears of a recession in the
United States, the world's largest economy, were offset by the
declaration of force majeure at a key copper mine in Peru.
    
    FUNDAMENTALS
    * LME COPPER: Three-month copper on the London Metal
Exchange was steady at $6,338.50 a tonne as of 0129 GMT,
after closing up 0.4 percent on Monday. The most traded May
copper contract on the Shanghai Futures Exchange
slipped 0.1 percent to 48,350 yuan ($7,207.92) a tonne. 
    * PERU: Chinese copper miner MMG Ltd will declare
force majeure under sales contracts at its Las Bambas mine in
Peru after a protest from an indigenous community caused a road
blockade. Production is expected to be progressively impacted
from later this week, it said.
    * COPPER: Chilean state miner Codelco said on Monday it had
terminated its contract with Canadian company SNC-Lavalin Group
Inc at its Chuquicamata mine in northern Chile,
accusing the engineering firm of failing to comply with its work
commitments at the world's largest open pit mine.
    * SPREADS: Cash copper is now trading at $3 a tonne discount
to the three-month contract CMCU0-3, having peaked at a
premium of $70 on March 5, indicating more plentiful supply.
    * OTHER METALS: Shanghai zinc was the top
performer, rising as much as 1.3 percent to 22,090 yuan a tonne
amid tightening stocks. In London, zinc, aluminium
 and lead all added 0.2-0.3 percent.     
    * ZINC: China's refined zinc imports plunged to a two-year
low of 20,350 tonnes in February, according to customs data, due
to an unfavourable arbitrage between London and Shanghai.
Refined copper cathode imports fell 5.5 percent year-on-year to
213,947 tonnes.
    * For the top stories in metals and other news, click       
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    MARKETS NEWS    
    * Asian shares were shaky after U.S. Treasury yields sank to
their lowest since late 2017, further below short-term interest
rates and adding to fears of a U.S. recession.    
        
    PRICES        
 BASE METALS PRICES                      0128 GMT
 Three month LME copper                      6339
 Most active ShFE copper                    48330
 Three month LME aluminium                 1888.5
 Most active ShFE aluminium                 13635
 Three month LME zinc                        2838
 Most active ShFE zinc                      22035
 Three month LME lead                        2015
 Most active ShFE lead                      16850
 Three month LME nickel                     12930
 Most active ShFE nickel                    99680
 Three month LME tin                        21335
 Most active ShFE tin                      146860
                                                 
 BASE METALS ARBITRAGE                           
 LME/SHFE COPPER             LMESHFCUc3   -944.26
 LME/SHFE ALUMINIUM          LMESHFALc3  -1018.59
                                         
 LME/SHFE ZINC               LMESHFZNc3   -584.71
 LME/SHFE LEAD               LMESHFPBc3    687.34
 LME/SHFE NICKEL             LMESHFNIc3  -3111.37
                                         
 

($1 = 6.7079 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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