×

METALS-London copper pops above $6,000, near highest since March

(Adds ANZ report, more bullet points; updates prices) MELBOURNE, July 24 (Reuters) - London copper was marking time near its highest since early March on Monday ahead of the release of a spate of global manufacturing reports, underpinned supply. Supply side concerns and a weaker dollar have driven base metal prices higher, ANZ said in a report. Union-represented workers and management at Antofagasta's Zaldivar copper mine in Chile failed to reach a wage deal on Thursday and they agreed to extend government-mediated talks into this week. "(That is) raising fears that strike action may disrupt output in coming weeks," ANZ said.

* LME COPPER: London Metal Exchange copper was trading up 0.1 percent at $6,013 a tonne by 0520 GMT, following a 0.8-percent gain in the previous session when prices reached their highest since March 1 at $6,051.

* SHFE COPPER: Shanghai Futures Exchange copper edged up 0.3 percent to 47,950 yuan ($7,094) a tonne.

* SUPPLY DISRUPTIONS: Disruptions to copper shipments from Canada and Chile have undermined expectations for rising global copper supplies in the second-half of the year, cutting the charges that smelters charge miners to process metal.

* INDONESIA STRIKE: An estimated 5,000 workers at the giant Grasberg copper mine operated by Freeport-McMoRan Inc's Indonesian unit will extend their strike for a fourth month, a union official said on Friday, in an ongoing dispute over layoffs and employment terms.

* HEDGE FUNDS: Hedge funds and money managers increased their net long position in copper by 7,706 lots to 74,233 lots, the highest since February.

* OTHER METALS: Steel-linked metals, LME nickel LME zinc and LME lead were all up 1 percent or more, with similar gains seen for those metals on the Shanghai exchange.

* PHILIPPINES MINING: Supporting nickel, the Philippine's President said the government would draft a new law for the country's mining industry, which he said pays too little in tax and not enough to compensate for environmental damage. The country is a major supplier of nickel ore.

* INDONESIA NICKEL: Indonesia exported 403,201 tonnes of nickel ore in the first six months of 2017, when a complete ban on exports was lifted, a mining ministry spokesman said on Friday.

* COMING UP: Euro zone flash composite PMI July at 0800 GMT PRICES

BASE METALS PRICES 0522 Three month LME copper 6003 Most active ShFE copper 47850 Three month LME aluminium 1921 Most active ShFE aluminium 14415 Three month LME zinc 2779.5 Most active ShFE zinc 23075 Three month LME lead 2258 Most active ShFE lead 17555 Three month LME nickel 9610 Most active ShFE nickel 78910 Three month LME tin 20230 Most active ShFE tin 146830

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 493.66 LME/SHFE ALUMINIUM LMESHFALc3 -674.3 LME/SHFE ZINC LMESHFZNc3 725.95 LME/SHFE LEAD LMESHFPBc3 -882.25 LME/SHFE NICKEL LMESHFNIc3 2234.16

($1 = 6.7595 Chinese yuan renminbi)

(Reporting by Melanie Burton; Editing by Richard Pullin and Joseph Radford)