June 12, 2018 / 2:03 AM / 4 months ago

METALS-Copper slips on stronger dollar; Escondida still in focus

    BEIJING, June 12 (Reuters) - Shanghai copper slid for the
first time in eight days on Tuesday, while London copper
continued to lose ground as the dollar strengthened and BHP
responded to a proposal from unionised workers at its Escondida
copper mine in Chile. 
    A stronger greenback makes dollar-denominated metals more
expensive for holders of other currencies and can weigh on
prices.
     
    FUNDAMENTALS
    * SHFE COPPER: The most-traded August copper contract on the
Shanghai Futures Exchange fell as much as 1 percent to
53,730 yuan ($8,386) a tonne and was trading down 0.8 percent at
0144 GMT.
    * LME COPPER: Three-month copper on the London Metal
Exchange slipped as much as 0.8 percent to $7,196 a
tonne. It was trading lower for a third day after hitting a
4-1/2-year high of $7,348 on Thursday.     
     * ESCONDIDA: Global miner BHP, said on
Monday it had responded to the latest contract proposal from
unionized workers at its Escondida copper mine in Chile, the
world's largest, triggering a new round of talks that could last
a month or more.
    * USD: The dollar edged up to a three-week high against the
yen on Tuesday, elevated by hopes that the closely watched
U.S.-North Korea summit can pave the way towards a reduction in
tensions between the two old foes. {nL4N1TE08C]
    * CANADA: The Canadian province of Quebec will offer C$100
million ($77 million) in loans and guarantees on loans to steel
and aluminium companies hit by recent U.S. tariffs, the
province's economy minister said on Monday.
    * VALE: Brazil's Vale on Monday unveiled a $690
million financing to expand a Canadian nickel mine, agreeing to
sell unmined cobalt from Voisey's Bay as a booming electric
vehicle market propels demand for the critical battery
ingredient.
    
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    MARKETS NEWS    
    * The dollar jumped to a 3-week top on Tuesday while Asian
shares started cautiously as investors were hopeful of a
positive outcome from a highly anticipated U.S.-Korea summit,
which could set the stage for ending a nuclear stand-off on the
Korean peninsula.    
        
    DATA AHEAD (GMT)
    0900  Germany    ZEW economic sentiment Jun
    1000  U.S.    NFIB business optimism May
    1230  U.S.        Consumer prices May
    1500  U.S.      Cleveland Fed CPI May
          U.S. Federal Reserve starts two-day policy meeting    
   
        
    PRICES    
 BASE METALS PRICES                        0139 GMT
 Three month LME copper                        7211
 Most active ShFE copper                      53800
 Three month LME aluminium                     2308
 Most active ShFE aluminium                   14925
 Three month LME zinc                        3183.5
 Most active ShFE zinc                        24400
 Three month LME lead                        2484.5
 Most active ShFE lead                        20525
 Three month LME nickel                       15235
 Most active ShFE nickel                     114930
 Three month LME tin                          21030
 Most active ShFE tin                        151800
                                                   
 BASE METALS ARBITRAGE                             
 LME/SHFE COPPER              LMESHFCUc3     -20.63
 LME/SHFE ALUMINIUM           LMESHFALc3    -2288.3
 LME/SHFE ZINC                LMESHFZNc3     199.01
 LME/SHFE LEAD                LMESHFPBc3     646.72
 LME/SHFE NICKEL              LMESHFNIc3    -908.44
 ($1 = 6.4070 Chinese yuan renminbi)

    
 (Reporting by Tom Daly; editing by Richard Pullin)
  
 
 
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