BEIJING/MELBOURNE: London copper prices drifted in Asian trade on Monday as fears of a recession in the
United States were offset by a supply disruption at a key copper mine in Peru.
"So far, the impact on metals is all macro driven, and I think the market is now looking for a catalyst for its next move," said analyst Helen Lau of broker Argonaut in Hong Kong.
The disruption at MMG's Las Bambas mine may add to supply concerns because it is one of the world's top copper mines, she added.
FUNDAMENTALS
* LME COPPER: Three-month copper on the London Metal Exchange slipped 0.2 percent to $6,328 a tonne as of 0344 GMT, after closing up 0.4 percent on Monday. The most traded May copper contract on the Shanghai Futures Exchange slipped 0.3 percent to 48,250 yuan ($7,192) a tonne.
* PERU: Chinese copper miner MMG will declare force majeure under sales contracts at its Las Bambas mine in Peru after a protest from an indigenous community caused a road blockade. Production is expected to be progressively impacted from later this week, it said.
* COPPER: Chilean state miner Codelco said on Monday it had terminated its contract with Canadian company SNC-Lavalin Group Inc at its Chuquicamata mine in northern Chile, accusing the engineering firm of failing to comply with its work commitments at the world's largest open pit mine.
* SPREADS: Cash copper is now trading at $3 a tonne discount to the three-month contract <CMCU0-3>, having peaked at a premium of $70 on March 5, indicating more plentiful supply.
* OTHER METALS: Shanghai zinc was the top performer, up 1 percent and off earlier highs, at 22,045 yuan ($3,286) a tonne amid tightening stocks. In London, zinc, aluminium and lead all added 0.2-0.4 percent.
* ZINC: China's refined zinc imports plunged to a two-yearlow of 20,350 tonnes in February, according to customs data, due to an unfavourable arbitrage between London and Shanghai.
Refined copper cathode imports fell 5.5 percent year-on-year to 213,947 tonnes.
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