METALS-Copper prices hover near 1-month low on Evergrande debt crisis

Sept 21 (Reuters) – Prices of copper, used widely in the power and construction industries, were trading near a one-month low on Tuesday as a debt crisis at China developer Evergrande Group spurred a sell-off across markets and stoked worries over global demand.

Three-month copper on the London Metal Exchange edged up 0.3% to $9,063 a tonne by 0337 GMT, but was hovering near its lowest level since Aug. 20 hit in the previous session of $8,975 a tonne. The contract lost 4.8% so far this month.

Global stock markets grappled with contagion fears, sparked by troubles at China Evergrande as growing risks the property giant could default on its massive debt pile prompted investors to flee riskier assets.

Chinese markets are closed for a holiday and will reopen on Wednesday.

FUNDAMENTALS

* The global world refined copper market showed a deficit of 90,000 tonnes in June, compared with a surplus of 4,000 tonnes in the prior month, the International Copper Study Group said in its latest monthly bulletin.

* Aurubis AG, Europe’s largest copper producer, said on Monday its Stolberg copper products plant in Germany will start resuming some production on Nov. 1.

* Two trains operated by Russian aluminium giant Rusal collided in Guinea’s capital Conakry on Monday, killing at least one person and injuring several others, according to witness accounts and footage on social media.

* LME aluminium was almost flat at $2,864 a tonne, nickel eased 0.1% to $19,035 a tonne, zinc advanced 0.3% to $3,024 a tonne and lead increased 0.2% to $2,161 a tonne.

* For the top stories in metals and other news, click or

DATA/EVENTS AHEAD (GMT)

1230 US Housing Starts Number Aug

— Japan Bank of Japan holds Monetary Policy Meeting (to

Sept. 22)

— US Federal Reserve’s Federal Open Market Committee

starts its two-day meeting on interest rates

(to Sept. 22)

Source: Read Full Article