Feb 24 (Reuters) - Copper prices in London rose slightly
on Friday, as mining supply disruptions across the globe
worsened with the suspension of ore processing at a key mine in
Panama.
Three-month copper on the London Metal Exchange edged up 0.3% to $8,926.50 a tonne by 0130 GMT.
First Quantum Minerals Ltd said on Thursday it had
suspended ore processing at its Cobre Panama mine. It has been
locked in a prolonged contract dispute with the Panama
government over tax and royalties.
Copper supply in Indonesia, Peru and Chile is also facing
disruptions, although analysts and traders believe they are not
severe enough to shift the copper concentrate market balance
into a deficit this year.
Despite Friday's gain, LME copper will likely post a weekly
decline due to subdued demand in top consumer China.
The most-traded April copper contract on the Shanghai
Futures Exchange fell 1.3% to 69,290 yuan ($10,031.13)
a tonne, tracking overnight losses in London.
Yangshan copper premium , which represents
demand for imported copper into China, was at $22.50 a tonne on
Thursday, down 85% from October last year.
LME zinc dipped 0.1% to $3,032.50 a tonne, tin declined 0.5% to $26,030 a tonne while lead rose
0.8% to $2,072.50 a tonne.
SHFE aluminium fell 0.8% to 18,590 yuan a tonne,
nickel dropped 3.4% to 199,560 yuan a tonne, tin shed 3% to 211,240 yuan a tonne, zinc edged
down 0.1% to 23,475 yuan a tonne and lead decreased
0.5% to 15,330 yuan a tonne.
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($1 = 6.9075 yuan)
(Reporting by Mai Nguyen in Hanoi
Editing by Vinay Dwivedi)
mai.nguyen.thomsonreuters.com@reuters.net))
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