HANOI, June 9 (Reuters) - Copper prices advanced on Wednesday, supported by worries about potential disruptions in supply in Peru and Chile, the world’s top two producers of the metal.
Three-month copper on the London Metal Exchange rose 0.3% to $9,995.50 a tonne by 0143 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange was up 0.8% to 71,930 yuan ($11,246.27) a tonne.
Early results in Peru’s presidential elections showed Socialist Pedro Castillo was narrowly in the lead on Tuesday. He had pledged to take up to 70% of profits from firms mining in the country’s copper-rich Andes.
Meanwhile, a royalty bill proposed in Chile to tax copper sales and labour talks at miner BHP’s mining operation in the country could hinder supply.
* LME nickel advanced 1% to $18,115 a tonne, aluminium fell 0.3% to $2,445.50 a tonne while ShFE nickel climbed 1.9% to 133,070 yuan a tonne, ShFE lead rose 1.7% to 15,265 yuan a tonne and ShFE tin jumped 2.3% to 208,920 yuan a tonne.
* Tsingshan Holding Group is set to ramp up aluminium production in Indonesia in 2023, consultancy CRU said, as the Chinese stainless steel and nickel group diversifies operations in the country.
* As Indonesia prepares to ramp up domestic copper smelting, processors elsewhere must look for alternative sources of concentrate, which might cost more, consultancy firm CRU group said.
* Yangshan copper premium SMM-CUYP-CN fell to $26 a tonne, its lowest since February 2016 and 77% lower from May 2020, indicating weak demand for imported metal into China.
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* The dollar clung to a small bounce as traders looked to upcoming U.S. inflation data and a European Central Bank (ECB) meeting to gauge the global recovery and policymakers’ thinking.
$1 = 6.3959 yuan Reporting by Mai Nguyen; Editing by Rashmi Aich