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Lundin Mining : Industrial metals advance as factory data boosts sentiment

Nov 3 (Reuters) – Prices of industrial metals edged higher
on Tuesday, as robust factory data from the world’s biggest
economies boosted sentiment, though trading volume was thin in
the hours ahead of the U.S. presidential election.

Three-month copper on the London Metal Exchange rose
0.6% to $6,800 a tonne by 0717 GMT, zinc advanced 0.7%
to $2,557 a tonne and nickel increased 0.4% to $15,225 a
tonne while aluminium was up 0.4% at $1,873.50 a tonne.

The most-traded December copper contract on the Shanghai
Futures Exchange rose 1.5% to 51,800 yuan ($7,737.70) a
tonne, while aluminium advanced 0.7% to 14,760 yuan a
tonne and zinc climbed 1.4% to 19,950 yuan a tonne.

Robust factory data from top metal consumer China, the
United States and euro zone on Monday eased growing concerns
about global growth in the face of a resurgent pandemic.

However, trading volume was low as most investors have
settled on a pre-election stance, while rising coronavirus cases
globally also threatened economic recovery.

Counting of mail-in votes and legal disputes could prolong
the declaration of the United States’ next president.

Delays or sudden shifts “in declaring who is winning will
create some volatility,” said a Singapore-based metal trader.

“In the next half of this month, data will start to reflect
the (new round of) COVID-19 infections. It’s slightly early to
sell, but … a week from now if we’re still here or higher, it
is a good chance to scale up selling,” said the trader.

FUNDAMENTALS

* Chile’s Candelaria copper mine, owned by Canada’s Lundin
Mining Corp, said on Monday it had submitted a new
contract offer to a striking union in a bid to end a nearly
month-long walk-off at the deposit.

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

($1 = 6.6945 yuan)
(Reporting by Mai Nguyen; Editing by Krishna Chandra Eluri and
Sherry Jacob-Phillips)

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