July 13, 2020 / 2:57 AM / 22 days ago

METALS-Copper jumps to 2-year high on strike worries at Chile mine

SINGAPORE, July 13 (Reuters) - Shanghai copper hit its highest in nearly 25 months on Monday, while London copper scaled a 24-month high, on supply worries from top producer Chile due to a potential strike at a mine.

The most-traded August copper contract on the Shanghai Futures Exchange jumped as much as 6% to 53,520 yuan ($7,642.66) a tonne, its highest since June 15, 2018.

Three-month copper on the London Metal Exchange climbed as much as 3.3% to $6,622.50 a tonne, a level unseen since July 3, 2018.

Workers at Antofagasta Minerals's Zaldivar copper mine in Chile voted in favour of strike action after rejecting a pay offer, the mine's union said on Friday, adding that a strike had been set for July 15, pending government mediation.

FUNDAMENTALS

* COPPER STOCKS: ShFE copper inventories CU-STX-SGH rose 20.1% in a week to 137,336 tonnes on Friday, the second straight week of gain. However, the stockpiles level is still 64% lower than its 2020 peak in March.

* SHANGHAI PRICES: Aluminium hit near a 26-month high at 14,765 yuan a tonne while zinc touched a 5-1/2-month high at 18,025 yuan a tonne. Lead scaled to its eight-month high at 15,530 yuan a tonne.

* LME PRICES: Aluminium rose to its four-month high at $1,696 a tonne, nickel hit a five-month peak of $13,580 a tonne and zinc touched its highest since Feb. 7 at $2,207.50 a tonne.

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

MARKETS NEWS

* Asian shares got off to a firm start as investors wagered U.S. earnings season would see most companies beat forecasts given expectations had been lowered so far by coronavirus lockdowns.

DATA/EVENTS AHEAD (GMT)

1530 UK Bank of England Governor Andrew Bailey delivers

a speech at webinar "Libor: Entering the Endgame"

$1 = 7.0028 yuan Reporting by Mai Nguyen; Editing by Shailesh Kuber

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