BHP Stock – BHP : Copper rises on supply worries in Chile
HANOI, May 27 (Reuters) – Copper prices advanced on
Thursday, supported by supply threats in top producer Chile
while a slower pace of earnings growth in leading consumer
China’s industrial firms eased concerns of policy tightening.
Three-month copper on the London Metal Exchange rose
0.4% to $10,016 a tonne by 0710 GMT, while the most-traded July
copper contract on the Shanghai Futures Exchange closed
up 0.1% at 71,940 yuan ($11,278.34) a tonne.
Supply worries in Chile aided prices as miner BHP Group Ltd
said it would take contingency measures after a labour
union at its Escondida and Spence mines called for a strike.
“Copper received additional support perhaps due to the risk
of strike action at BHP’s mine in Chile,” said ING analysts in a
Meanwhile, earnings at China’s industrial firms grew at a
slower pace in April, calming worries over policy tightening in
the country, while some positive signs on Sino-U.S. relations
also boosted sentiment in the Chinese equities markets.
* LME aluminium rose 1% to $2,425.50 a tonne and
zinc climbed 1.7% to $3,019 a tonne.
* ShFE aluminium advanced 1% to 18,480 yuan a
tonne, nickel jumped 0.7% to 126,420 yuan a tonne, zinc
increased 1.1% to 22,595 yuan a tonne and tin
was up 1.1% at 198,850 yuan a tonne.
* An earthquake in Goma, a city in the Democratic Republic
of Congo near the border with Rwanda, is delaying exports of tin
ore from mineral-rich North Kivu province, sources told Reuters.
* China’s banking regulator has asked lenders to stop
selling investment products linked to commodities futures to
mom-and-pop buyers to curb investment losses amid volatile
commodity prices, sources said.
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($1 = 6.3786 yuan)
(Reporting by Mai Nguyen; Editing by Uttaresh.V and Emelia