S&P GSCI COPPER INDEX 2 June 20 (Reuters) - Copper prices edged up on Thursday, as sentiment was lifted by China's central bank's reinforcement of its easing monetary stance, better end-user demand and mine supply shortage worries.
Three-month copper on the London Metal Exchange (LME) rose 0.2% to $9,802 per metric ton by 0251 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange (SHFE) advanced 1.4% to 79,550 yuan ($10,957.45) a ton.
The People's Bank of China will stick to a supportive monetary stance and will resolutely prevent exchange rate overshooting, its governor said on Wednesday.
Anglo American's copper output at its Los Bronces mine in Chile is expected to fall nearly a third from average historical levels next year, highlighting once again the shortages in copper raw material supply.
Meanwhile, since copper prices on the LME have fallen to as low as $9,551 earlier this week from its record high above $11,000 hit just a month earlier, more copper end-users have resumed their purchase order, Jinrui Futures said in a note.
SHFE copper inventories
However, a jump in LME copper stocks
Chances of fewer number of U.S. interest rate cuts than market participants had previously predicted is also weighing on metals prices.
LME aluminium fell 0.1% to $2,496.50 a ton, nickel eased 0.1% to $17,360, zinc edged down 0.1% at $2,867 and lead declined 0.3% to $2,193 while tin climbed 0.7% to $32,600.
SHFE aluminium rose 0.3% to 20,535 yuan a ton, nickel advanced 1% to 134,950 yuan, zinc climbed 0.9% to 23,805 yuan, tin increased 1.9% to 271,800 yuan while lead fell 1.7% to 18,940 yuan.
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DATA/EVENTS (GMT)
1100 UK BOE Bank Rate June
1230 US Housing Starts Number May
1230 US Initial Jobless Clm Weekly
1230 US Philly Fed Business Indx June
1400 EU Consumer Confid. Flash June
($1 = 7.2599 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich)
