BHP Stock – BHP : Copper trades flat in thin holiday trade
HANOI, June 14 (Reuters) – Copper was unchanged on Monday in
tepid trade due to a holiday in top consumer China, while
worries eased over supply disruption after a strike in Chile was
Three-month copper on the London Metal Exchange was
almost flat at $10,007 a tonne by 0305 GMT. Aluminium
rose 0.4% to $2,474 a tonne and nickel increased 0.4% to
$18,295 a tonne and tin climbed 0.9% to $31,850 a tonne.
The Shanghai Futures Exchange is closed for a holiday.
Workers at BHP Group’s Spence copper mine in top
producer Chile said last week they had reached a new contract
deal with the company, avoiding a strike.
* China plans to release state reserves of nonferrous metals
copper, aluminium and zinc in a programme set to last until the
end of 2021, data provider Shanghai Metal Exchange Market and
Chinese analysts said.
* Yangshan copper premium <SMM-CUYP-CN> fell to $22 a tonne,
its lowest since 2016, indicating weak demand for imported metal
* Copper inventories in warehouses tracked by ShFE
<CU-STX-SGH> fell for the fourth straight week on Friday to
180,967 tonnes, the lowest level since March 12.
* ShFE tin stockpiles <SN-STX-SGH> fell to their lowest
since November 2020 at 4,563 tonnes, while lead inventories in
ShFE warehouses <PB-STX-SGH> leaped to 118,885 tonnes, their
highest since June 2013.
* ShFE nickel inventories <NI-STX-SGH> dropped to a record
low of 7,471 tonnes.
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* The U.S. dollar held steady against major currencies on
Monday, after posting its biggest weekly gain in more than a
month, as traders closed short positions ahead of the Federal
Reserve policy meeting this week.
0630 India WPI Inflation YY May
0900 EU Industrial Production MM, YY April
(Reporting by Mai Nguyen; editing by Uttaresh.V)