July 27, 2020 / 2:11 AM / 12 days ago

METALS-London copper gains as weaker U.S. dollar draws buyers

SINGAPORE, July 27 (Reuters) - London copper rose on Monday as a weaker U.S. dollar makes the metal attractive for buyers using other currencies.

Three-month copper on the London Metal Exchange rose 0.3% to $6,431.50 a tonne by 0152 GMT, having lost 0.5% last week, its first weekly decline since May.

However, gains were capped as potential labor strikes in top copper producer Chile have not materialized.

Antofagasta’s avoided a strike at Zaldivar copper mine in Chile, while mediation talks at its Centinela mine were extended in a last-ditch effort to stave off a strike.

The most-traded September copper contract on the Shanghai Futures Exchange fell 0.4% to 51,590 yuan ($7,368.63) a tonne, tracking losses in the previous overnight London session.

FUNDAMENTALS

* OTHER PRICES: LME aluminium rose 0.1% to $1,702 a tonne, nickel advanced 0.8% to $13,765 a tonne, while ShFE aluminium was up 0.4% to 14,470 yuan a tonne and nickel jumped 1.8% to 109,850 yuan a tonne.

* COPPER: An unprecedented drop in lead demand from the auto battery sector due to COVID-19 has led to massive surpluses flowing into exchange warehouses, a surge analysts say is only the tip of the iceberg.

* ALUMINIUM: China’s primary aluminium imports in June rose more than 570% from a month earlier, customs data showed on Sunday, as traders sought cheaper metals abroad.

* For the top stories in metals and other news, click or

MARKETS NEWS

* U.S. stock futures slipped and Asian shares came under pressure as tit-for-tat consulate closures in China and the United States fanned worries about worsening diplomatic ties between the world’s two largest economies.

DATA/EVENTS (GMT)

0800 Germany Ifo Business Climate New July

0800 Germany Ifo Curr Conditions New July

0800 Germany Ifo Expectations New July

1230 US Durable Goods June

1400 US Consumer Confidence July

$1 = 7.0013 yuan Reporting by Mai Nguyen; Editing by Vinay Dwivedi

Nuestros Estándares:Los principios Thomson Reuters
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