Reuters / MELBOURNE, March 24 London copper was on track for a two percent weekly drop on Friday after striking union members at Escondida, the world’s top copper mine, agreed to return to work.
* LME COPPER: London Metal Exchange copper edged down by 0.2 percent to $5,811 a tonne by 0114 GMT, following a small gain in the previous session. The metal was set for a two percent weekly drop, trimming its year-to-date gains to 5 percent.
* TECHNICALS: Copper faces resistance at the 200-day moving average on the weekly chart at $5,959 a tonne.
* SHFE COPPER: Shanghai Futures Exchange copper was little changed at 47,000 yuan ($6,827) a tonne.
* ZINC STRIKE: Noranda Income Fund said on Thursday zinc output at its Quebec plant, the second-largest in North America, was at 50-60 percent of normal operating levels as a five-and-a-half week long strike dragged on.
* JAPAN ECON: Confidence among Japanese manufacturers rose for a seventh straight month in March to a three-year high, while the service sector’s mood held steady, a Reuters poll showed, highlighting an export-led economic recovery.
* FREEPORT: Freeport-McMoRan Inc said Thursday that a nearly two-week strike has not materially impacted production levels at its Cerro Verde copper mine in Peru, the country’s biggest, although the union said output has been cut in half.
* ESCONDIDA: The strike at Chile’s Escondida, the world’s largest copper mine, is ending after workers decided to invoke a rarely used legal provision that allows them to extend their old contract, the union said on Thursday.
* CHINA POLLUTION: Beijing and the surrounding province of Hebei will plant trees, establish green belts and make use of rivers and wetlands to create a “green necklace” to protect China’s smog-hit capital from pollution.
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MARKETS: U.S. stocks inched lower on Thursday after a vote on President Donald Trump’s healthcare bill was delayed, casting doubt over the prospects of Trump’s pro-growth policies, while European shares rose on bank borrowing and oil prices slipped.
0745 France GDP Final Q4
0800 France Markit manufacturing flash PMI Mar
0830 Germany Markit manufacturing flash PMI Mar
0900 Euro zone Markit manufacturing flash PMI Mar
1230 U.S. Durable goods Feb
1445 U.S. Markit manufacturing flash PMI Mar
Federal Reserve Chair Janet Yellen speaks at lunch event at
the Brookings Institution to discuss Fed’s recent rate
action and monetary policy
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.8843 Chinese yuan renminbi)
(Reporting by Melanie Burton; Editing by Richard Pullin)
GLOBALES: METALS-London copper facing weekly drop as supply concerns dissipate
Con Información de Reuters
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