Cooper Metals – METALS-Copper rises on Peru supply disruption worries
Oct 7 (Reuters) – Copper prices rose on Thursday as supply concerns resurfaced in Peru, the world’s second-biggest producer of the metal.
An indigenous community in Peru’s Espinar province that blocked a key mining road on Wednesday plans to continue the blockade indefinitely, a local leader said, in protest against the government and Glencore PLC’s GLEN.L Antapaccay copper mine.
The conflict comes a day after the government defused a similar standoff for MMG Ltd’s 1208.HK Las Bambas mine.
Earlier in the week, Brazilian miner Vale SA VALE3.SA said the production of copper concentrate at its Salobo mine is suspended due to a fire affecting a conveyor belt.
Three-month copper on the London Metal Exchange CMCU3 rose 1% to $9,134.50 a tonne by 0430 GMT, while aluminium CMAL3 advanced 0.3% to $2,906 a tonne, nickel CMNI3 edged up 0.3% to $18,120 a tonne, while lead CMPB3 fell 0.3% to $2,145.50 a tonne.
Stocks of the metal in Shanghai Futures Exchange warehouses CU-STX-SGH were last at their lowest since June 2009, and LME on-warrant inventories MCUSTX-TOTAL slid to 90,725 tonnes, down 27% in just a week.
Aiding sentiment, the U.S. Senate appeared to be nearing a temporary deal to avert a federal debt default in the next two weeks.
However, trading was tepid as top copper consumer China was closed for a public holiday during Oct. 1-7.
* The implicit balance in the global nickel market is forecast to move to a surplus of 76,000 tonnes in 2022 from a deficit of 134,000 tonnes in 2021, International Nickel Study Group data showed.
* For the top stories in metals and other news, click
TOP/MTL or MET/L MARKETS NEWS
* Asian shares rallied, taking heart from a late recovery on Wall Street following a potential federal debt deal in the United States and as Russia reassured Europe on gas supplies, calming volatile markets. MKTS/GLOB DATA/EVENTS (GMT)
0600 UK Halifax House Prices MM Sept
0600 Germany Industrial Output MM Aug
0645 France Reserve Assets Total Sept
1230 US Initial Jobless Clm Weekly
(Reporting by Mai Nguyen in Hanoi; Editing by Ramakrishnan M.)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.