Cooper Metals – Glencore : Base metals rise as investors cheer U.S. debt-limit progress

Oct 8 (Reuters) – Prices of base metals broadly rose on
Friday, helped by upbeat sentiment in global equities, as the
United States moved closer to resolving its debt-ceiling
wrangles.

The U.S. Senate on Thursday approved legislation to
temporarily raise the federal government’s $28.4 trillion debt
limit and avoid the risk of a historic default this month, but
it put off until December a decision on a longer-lasting remedy.

The Senate-passed bill is still pending approval from the
House of Representatives.

Three-month copper on the London Metal Exchange rose
0.5% to $9,330.50 a tonne by 0321 GMT, while the most-traded
November copper contract on the Shanghai Futures Exchange
increased 1.5% to 69,160 yuan ($10,723.81) a tonne.

LME nickel jumped 3.6% to $18,920 a tonne, LME tin
rose 2.3% to $36,100 a tonne, ShFE nickel
increased 3.6% to 142,780 yuan a tonne and ShFE tin
advanced 3.5% to 280,200 yuan a tonne.

FUNDAMENTALS

* Chile’s copper exports hit $4.157 billion in value in
September, up 18.5% from a year earlier, boosted by strong
global prices for the metal, the central bank said on Thursday.

* Glencore’s Antapaccay copper mine in Peru said on
Thursday it did not plan to execute this year or next its
Coroccohuayco project that provoked protests from nearby
residents.

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MARKETS NEWS

* Asian shares rose as Chinese shares returned from a one
week holiday upbeat, tracking a global rally, while investors
also eyed key U.S. jobs data for any fresh insight into the
timing of Federal Reserve tapering.

DATA/EVENTS (GMT)

1230 US Non-Farm Payrolls

1230 US Unemployment Rate

1230 US Average Earnings YY
($1 = 6.4492 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Ramakrishnan M.)