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Copper price rises as strikes planned at Peru mines

Copper price rises as strikes planned at Peru mines

06 April 2017
  • The three-month copper prices started trading today at $5,855.50, up 1.3% on yesterday’s close price.
  • Unionised workers at Southern Copper Corp’s Toquepala and Cuajone mines in Peru are planning a strike that could start as early as Friday April 7, the company said.
  • Copper prices will trade at between $5,750 and $6,000 per tonne this month, with supply issues in Peru offset by a surge in LME and Shanghai warehouse inventories, according to INTL FCStone analyst Edward Meir.
  • In warehouse stocks data, copper inventories declined for the 15th day in a row, down a net 6,125 tonnes to 273,750 tonnes. Cancelled warrants fell 5,325 tonnes to 110,125 tonnes.

Other metals in a strong position for Wednesday trading 

  • The three-month nickel price rose $215 to $10,195 at the start of trading today.
  • Indonesian authorities have recommended the export of 3.7 million tonnes of low-grade nickel ore, Commerzbank noted.
  • Nickel stocks fell 1,908 tonnes to 376,872.
  • In other metals, the three-month aluminium price was up $20 to $1,958.00. Stocks continued to decline, and fell 12,625 tonnes to 1,850,425 tonnes, and cancelled warrants were down 11,500 tonnes to 843,425 tonnes.
  • “Aluminium looked to be settling at the $1,950 level and there could be some very nervous traders eyeing the near 8,000 lot open position in $2,000 calls,” said Malcolm Freeman of Kingdom Futures.
  • The three-month zinc price started trading today at $2,792.50 per tonne, up $56.50 on Tuesday’s close. Inventories were down 950 tonnes to 369,525 tonnes.
  • The three-month lead price was up $22 to $2,330 per tonne. Stocks fell 2,725 tonnes to 178,700 tonnes.
  • The three-month tin price saw a $25 increase to stay above the $20,000 per tonne mark at $20,050. Stocks declined by 35 to 3,475 tonnes.