METALS-Copper slips as Peruvian Las Bambas mine restarts production

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December 31 (Reuters)Copper prices fell in early Asian trading on Friday after MMG Ltd 1208.HK The Las Bambas mine in Peru announced that it would resume operations which had been interrupted due to a road blockade.

The general mood in the base metals markets, however, was mixed in the last trading session of the year, with prices in London falling across the board, while the benchmarks of major metal consumers in China were mostly higher.

Nonetheless, base metals remained on track to finish firmer this year after China experienced an economic rebound and continued supply concerns.

FUNDAMENTALS

* Copper at three months on the London Metal Exchange CMCU3 was down 0.6% to $ 9,630 per tonne at 0241 GMT, while the most-traded copper contract in February on the Shanghai Futures Exchange SCFcv1 slipped 0.2% to 69,890 yuan ($ 10,965.20) a ton.

* The Las Bambas mine in Peru, the world’s second largest producer of copper, said on Thursday it would resume operations after reaching a deal with a Peruvian community that blocked a key transport route for a month, with the process set to take up to six days.

* Chilean state-owned Codelco, the world’s largest copper producer, has successfully concluded its 2022 Southeast Asia sales plan with the signing of multi-year agreements.

* Chinese factory activity unexpectedly accelerated in December, but only by a small margin, according to an official survey released on Friday, amid disruptions from the COVID-19 outbreaks and as the economy in his ensemble loses momentum in the fourth quarter.

* For the best articles on metals and other news, click TOP / MTL Where MET / L

MARKET NEWS

* Wall Street closed lower Thursday, falling late in meager vacation volume from records set at the start of the session on strong US data, including a drop in weekly US jobless claims. MKTS / GLOB

PRICES Copper LME 3 months CMCU3

Most active ShFE copper SCFcv1

Three-month LME aluminum CMAL3

Most active ShFE aluminum SAFcv1

Zinc LME 3 months CMZN3

Most active Zinc ShFE SZNcv1

Three-month LME leader CMPB3

Most active ShFE manager SPBcv1

Three months LME nickel CMNI3

Most Active Nickel ShFE SNIcv1

Three-month LME box CMSN3 The most active ShFE tin SSNcv1

ARBS

LMESHFCUc3

LMESHFALc3

LMESHFZNc3

LMESHFPBc3

LMESHFNIc3

($ 1 = 6.3738 yuan)

(Reporting by Enrico Dela Cruz in Manila; Editing by Vinay Dwivedi)

((enrico.delacruz@tr.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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