BEIJING, April 8 (Reuters) – London copper prices rose as
much as 1 percent in early Asian trade on Monday, snapping two
days of declines as investors hoped for more stimulus measures
in top metals consumer China and a key copper conference was set
to begin in Chile.
China said on Sunday it would step up its policy of targeted cuts to banks’ required reserve ratios to encourage financing for small and medium-sized businesses that play a key role in economic growth.
* COPPER: Three-month copper on the London Metal Exchange rose as much as 1 percent to $6,466 a tonne and was up 0.9 percent at $6,461 a tonne by 0159 GMT. It ended down 0.8 percent in the previous session.
* COPPER: Global copper producers are converging in Chile this week as tightening supply buoys prices, even as the industry grapples with declining ore quality, project delays and worries the U.S-China trade war may hit long-term demand.
* PERU: MMG Ltd said on Monday its Las Bambas mine in Peru is expected to restore normal mining, production and transport operations after an indigenous village agreed to end a two-month blockade of the company’s copper mine that has supported copper prices.
* SHFE: Shanghai Futures Exchange metals were mixed as trading resumed after the long weekend in China. ShFE copper fell 0.2 percent to 49,360 yuan ($7,348.19) a tonne, while aluminium crept up 0.2 percent to 13,825 yuan a
* OTHER METALS: Nickel used to make stainless steel, was the top performer in London, rising 1.2 percent to $13,230 a tonne, while tin was the laggard, slipping 0.3 percent to $20,945 a tonne.
* RARE EARTHS: New suitors may emerge for Australian rare-earths processing company Lynas Corp, which may lose the operating license for its processing plant in Malaysia, the country’s prime minister said on Friday.
* DAMS: Ethical investors working on a global standard for tailings dams have written to 683 listed resource companies, including major miners, asking for information to be made public within 45 days about every facility they control.
DATA/EVENT AHEAD (GMT)
1400 US Factory Orders Feb
1400 Federal Reserve board holds open meeting to discuss proposed rules implementing sections of the Economic Growth, Regulatory Relief and Consumer Protection Act
BASE METALS PRICES 0159 GMT
Three month LME copper 6464
Most active ShFE copper 49360
Three month LME aluminium 1894.5
Most active ShFE aluminium 13835
Three month LME zinc 2937
Most active ShFE zinc 23200
Three month LME lead 2002.5
Most active ShFE lead 16930
Three month LME nickel 13225
Most active ShFE nickel 103230
Three month LME tin 20945
Most active ShFE tin 147910
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 369.3
LME/SHFE ALUMINIUM LMESHFALc3 -426.36
LME/SHFE ZINC LMESHFZNc3 183.86
LME/SHFE LEAD LMESHFPBc3 1257.8
LME/SHFE NICKEL LMESHFNIc3 5622.35
($1 = 6.7173 Chinese yuan renminbi)
(Reporting by Tom Daly; editing by Richard Pullin)