METALS-Copper increases fears of supply disruption in Peru and Chile

HANOI, June 9 (Reuters)Copper prices rose on Wednesday, supported by fears of potential supply disruptions to Peru and Chile, the world’s two largest producers of the metal.

Copper at three months on the London Metal Exchange CMCU3 rose 0.3% to $ 9,995.50 per tonne at 0143 GMT, while the most traded copper contract in July on the Shanghai Futures Exchange SCFcv1 rose 0.8% to 71,930 yuan ($ 11,246.27) per ton.

The first results of the presidential elections in Peru showed that the socialist Pedro Castillo was narrowly ahead on Tuesday. He had pledged to take up to 70% of the profits of mining companies in the country’s copper-rich Andes.

Meanwhile, a proposed royalty bill in Chile to tax copper sales and union negotiations at BHP miner BHP.AX mining in the country could hamper supply.

FUNDAMENTALS

* nickel LME CMNI3 aluminum rose 1% to $ 18,115 per tonne, CMAL3 fell 0.3% to $ 2,445.50 per tonne while nickel ShFE SNIcv1 climbed 1.9% to 133,070 yuan per tonne, led by ShFE SPBcv1 increased 1.7% to 15,265 yuan per ton and ShFE tin SSNcv1 jumped 2.3% to 208,920 yuan per ton.

* Tsingshan Holding Group is expected to increase aluminum production in Indonesia in 2023, consulting firm CRU said, as the Chinese stainless steel and nickel group diversifies its operations in the country.

* As Indonesia prepares to ramp up domestic copper smelting, processors elsewhere must seek out other sources of concentrate, which could cost more, consulting firm CRU Group said.

* Yangshan copper premium SMM-CUYP-CN fell to $ 26 per tonne, its lowest since February 2016 and 77% lower than in May 2020, indicating weak demand for imported metal in China.

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* The dollar held on to a small rebound as traders looked to upcoming US inflation data and a European Central Bank (ECB) meeting to assess the global recovery and the thinking of policymakers. FRX /

($ 1 = 6.3959 yuan)

(Reporting by Mai Nguyen; Editing by Rashmi Aich)

(([email protected]; +842438259623; Reuters messaging: [email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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