Shanghai Futures Exchange copper was down 1.6 percent at 47,290 yuan ($6,855) a tonne on Tuesday after unions and miner BHP Billiton said they would hold further talks that could lead to the restart of production at the world's biggest copper mine. The union for striking workers at BHP Billiton's Escondida copper mine in Chile said after meeting with the company on Monday that it was open to further conversations that could lead to reopening negotiations.
Chinese Premier Li Keqiang said the country would further open its services, manufacturing and mining sectors to the outside world, the official Xinhua news agency reported on Tuesday, even as foreign enterprises struggle with protectionist policies. The global market for refined nickel started the year with a 1,100-tonne deficit in the month of January due to robust demand growth from Asia and the Americas, a report from the International Nickel Study Group showed on Tuesday. The global world refined copper market showed a 17,000-tonne surplus in December, compared with a 3,000-tonne deficit in November, the International Copper Study Group (ICSG) said in its latest monthly bulletin.