Cooper Metals – METALS-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 CMCU3 rose 0.5% to $9,330.50 a tonne by 0321 GMT, while the most-traded November copper contract on the Shanghai Futures Exchange SCFcv1 increased 1.5% to 69,160 yuan ($10,723.81) a tonne.
LME nickel CMNI3 jumped 3.6% to $18,920 a tonne, LME tin CMSN3 rose 2.3% to $36,100 a tonne, ShFE nickel SNIcv1 increased 3.6% to 142,780 yuan a tonne and ShFE tin SSNcv1 advanced 3.5% to 280,200 yuan a tonne.
* 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 GLEN.L 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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* 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. MKTS/GLOB 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.)
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