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LUMI - Lundin Mining News Story

SEK103.9 -0.4  -0.4%

Last Trade - 07/05/21

Sector
Basic Materials
Size
Large Cap
Market Cap £6.47bn
Enterprise Value £6.85bn
Revenue £1.68bn
Position in Universe 118th / 1838

METALS-Copper set for best month in 4 years on robust China manufacturing data

Mon 30th November, 2020 2:06am
Nov 30 (Reuters) - Copper prices advanced on Monday, with
London copper on track for its best monthly gain in four years,
as top consumer China posted upbeat manufacturing growth.
    Three-month copper on the London Metal Exchange  CMCU3  rose
1.5% to $7,608 tonne by 0145 GMT, up 13.3% on a monthly basis,
on track for its strongest monthly gain since November 2016.
    The most-traded January copper contract on the Shanghai
Futures Exchange  SCFcv1  climbed as much as 2.8% to 57,180 yuan
($8,694.20) a tonne, a level unseen since December 2017.
    China's factory activity expanded at the fastest pace in
more than three years in November, keeping it on track to be the
first major economy to fully recover from the coronavirus
crisis.  urn:newsml:reuters.com:*:nL1N2ID0A9
    Copper is used widely in the manufacturing sector and China
consumes about half of the metal globally.
    
    FUNDAMENTALS
    * A union on strike at Chile's Candelaria copper mine
accepted a new offer from Canadian miner Lundin Mining Corp
 LUN.TO  following an over month-long walk-off.  urn:newsml:reuters.com:*:nL4N2ID3K3
    * Copper miners and smelters are late agreeing charges for
processing concentrate for next year, sources said, with
smelters seeking a rollover while miners are pointing to a tight
spot market.  urn:newsml:reuters.com:*:nL8N2IC4DN
    * ShFE lead  SPBcv1  climbed 3.8% to 15,885 yuan a tonne,
zinc  SZNcv1  advanced 2.8% to 21,515 yuan a tonne and aluminium
 SAFcv1  was up 2.1% to 16,350 yuan a tonne. LME lead  CMPB3 
rose 0.9% to $2,118 a tonne while zinc  CMZN3  increased 1% to
$2,824 a tonne.
    * For the top stories in metals and other news, click       
 TOP/MTL  or  MET/L      
        
    MARKETS NEWS    
    * World shares were set to seal a record-busting month as
the prospect of a vaccine-driven global economic recovery next
year and yet more free money from central banks eclipsed
concerns about the pandemic in the near-term.  MKTS/GLOB     
        
    DATA/EVENTS (GMT)
    1300  Germany  CPI Prelim YY          Nov
    1300  Germany  HICP Prelim YY         Nov
    1400  EU       Euro zone finance ministers meet        
        
($1 = 6.5768 yuan)

 (Reporting by Mai Nguyen; Editing by Rashmi Aich)
 ((mai.nguyen@thomsonreuters.com; +6568703518; Reuters
Messaging: mai.nguyen.thomsonreuters.com@reuters.net))
 
(( For related news and prices, click on the codes in brackets:
 LME price overview       RING=  COMEX copper futures   0#HG: 
 All metals news          MTL    All commodities news       C  
 Foreign exchange rates  FX=     SPEED GUIDES  LME/INDEX ))
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