(Updates prices to the Asia market close)
By Lucas Liew
Sept 10 (Reuters) - Copper inched higher on Wednesday,
buoyed by a landmark planned merger between Anglo American and
Teck Resources ( TECK ), and ongoing supply concerns following global
mine disruptions.
Three-month copper on the London Metal Exchange
edged up 0.28% to $9,942 per metric ton, as of 0700 GMT, while
the most-traded copper contract on the Shanghai Futures Exchange
increased 0.1% to 79,790 yuan ($11,205.67) a ton.
On Tuesday, London-listed miner Anglo American and
Canada's Teck Resources ( TECK ) announced plans to merge,
creating the world's fifth-largest copper company and marking
the sector's second-largest M&A transaction to date, a big bet
on copper by Anglo.
Analysts from ANZ noted that recent disruptions at major
mines may further tighten the copper market, which is already
facing a shortage of feedstock.
Freeport-McMoRan ( FCX ) announced on Tuesday a temporary
halt on mining in Indonesia's major Grasberg mine after a large
flow of wet materials blocked access to parts of the underground
mine, restricting evacuation routes for seven workers.
Meanwhile, China's new bank loan issuance in August is
expected to have increased, a Reuters poll showed on Tuesday,
bouncing back from a shock contraction in the previous month.
Manufacturing activity had declined for a fifth straight
month in August, suggesting producers are awaiting further
clarity on a trade deal with the U.S. while domestic demand
remains sluggish.
Elsewhere, China Zinc Smelters Purchasing Team (CZSPT) set
processing fees for cargoes imported by the end of the fourth
quarter at $120-140 a dry metric ton, versus $80-100 for the
third quarter, state-backed research house Antaike said late on
Tuesday.
LME zinc gained 0.54%, while SHFE zinc
increased 0.07%.
Nickel edged up 0.33%, tin rose 0.77%, and
aluminium gained 0.15%, while lead lost 0.08%.
SHFE aluminium rose 0.19%, and tin edged
up 0.24%, while nickel dipped 0.07%, and lead
decreased 0.71%.
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($1 = 7.1205 Chinese yuan)