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SINGAPORE, April 2 (Reuters) – Copper and most base metals fell on Tuesday, as the US dollar appreciates bullish and concerns over supply from a copper mine in Peru have calmed down slightly.
The Peruvian government has proposed to indigenous protesters to negotiate an agreement to lift the blockade of the Las Bambas copper mine, owned by the Chinese company MMG Ltd, but a decision is pending agreement between the indigenous community.
Aboriginal protesters have blocked roads leading to the mine since early February, demanding that MMG pay compensation for the use of a stretch of road on their farmland. Las Bambas produces about 2% of world copper production.
The dollar hit a two-week high against the yen, as growing concerns over the global economy drove US bond yields up from 15-month lows.
A rise in the US dollar makes dollar-denominated metal contracts more expensive to import.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange fell 0.1% to $ 6,467.5 per tonne to 0131 GMT, while the most traded copper contract on the Shanghai futures market lost 0, 1% to 49,240 yuan ($ 7,338.08) per tonne.
* Reference aluminum fell 0.1%, while Shanghai aluminum lost 0.3%, while zinc, lead and tin contracts on both scholarships have also declined. Nickel weathered the trend, rising 0.3% in London and 0.5% in Shanghai.
* The Russian aluminum giant, Rusal, has resumed its supply in the US market and seeks to regain customers it lost due to sanctions by September, when the industry will have contracts 2020, announced its Director General.
* Chinese company Ganfeng Lithium Co announced Monday that it would spend $ 160 million to strengthen its stake in a lithium project in Argentina with Lithium Americas Corp., as part of a plan to strengthen its access white metal used in the manufacture of batteries of electric vehicles.
* Australian cobalt developer Jervois Mining has announced that it will buy Canadian company Ecobalt Solutions Inc for C $ 57.6 million ($ 43.3 million) to expand its geographic footprint in the United States. United.
* Sumitomo Metal Mining Co Ltd, Japan's second largest copper smelter, announced plans to produce 420,000 tonnes of refined copper in fiscal 2019/20, which began this month, down 7 , 7% compared to the previous year.
* Steel consumption in the Philippines is expected to increase by 5 to 6% this year to a record 11.1 million tonnes, as the country's economy continues to grow, said Monday to Reuters the head of a industrial group.
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MARKET NEWS
* Asian equities rose more and more, as factory activity surveys in China and the United States boosted investor confidence, resulting in the largest single-day sell-off in the US market. Treasury bills in almost three months.
DATA / EVENTS (GMT)
0330 Australia RBA Cash Rate April
1200 Brazil Industrial Yield MM AA February
1230 US durable goods February
PRICES
Three months of copper LME
ShFE Copper Most Active
LME three months in aluminum
Most active ShFE aluminum
LME zinc three months
The most active ShFE zinc
Three months ahead on the LME
Most active ShFE lead
LME nickel three months
Most active nickel ShFE
LME tin of three months
ShFE Pewter the most active
ARBS ($ 1 = 1.3309 Canadian dollar) ($ 1 = 6.7102 Chinese yuan)
Mai Nguyen report; edited by Richard Pullin
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