MTECHTIPS;- Copper to trade volatile


MTECHTIPS;- Copper to trade volatile

MTECHTIPS-Copper prices rose on Tuesday after a rapid build – up of inventories that has weighed on the market since late June halted and workers voted to strike at a mine in Chile, raising supply concerns. Stainless steel ingredient nickel also gained after Chinese steel prices reached 3 – 1/2 year highs, while zinc, used to galvanism steel, rose to its highest level since March. However, Capital Economics analyst Caroline Bain said growth in China and the United States in the longer term was likely to slow while interest rate rises would strengthen the U.S. dollar, making metals more expensive for holders of other currencies. Workers at Chile’s Zaldivar mine voted to strike after talks with the firm failed. The nearby Centinela mine is also in negotiations over strike action. Together the two mines produced 340,000 tonnes of copper in 2016. Federal Reserve Chair Janet Yellen will address congress on Wednesday and Thursday, giving clues about the pace of U.S. monetary tightening.We expect base metal prices likely to trade volatile on the back of mixed fundamentals

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