Industrial metals (copper, aluminium, nickel, etc.) daily review (December 30, 2009)

MARKET ROUNDUP A stronger dollar caused copper to close down in New York on Tuesday, after the metal jumped 3 percent in London on threats of a mine strike and in catch up to gains made in Shanghai during the Christmas break. Zinc hit 20-month highs, tin 14-month peaks and nickel two-month tops in London as well. IN FOCUS - Chile's Codelco, the world's No. 1 copper producer, on Tuesday braced for a strike at its giant Chuquicamata mine, after workers rejected a wage offer, stoking supply fears on global markets. - A strike would curb output by around 1,800 tonnes a day. Copper prices shot up 3 percent to 15-month highs in London on supply fears, but slipped later in New York on other factors. - Zambia, Africa's top copper producer, raised its 2009 copper output forecast to 692,604 tonnes from the previous estimate of 664,000 tonnes following a rise in output at its mines, the central bank said on Tuesday. - Canadian mining stocks jumped on Tuesday after Corriente Resources Inc , which has a copper-gold project, in Ecuador, agreed to be taken over by Chinese suitors in their country's latest bid for an international resource developer. - Saudi Arabia's domestic steel production capacity will rise by at least 50 percent within the next three years, a senior government official said FUNDAMENTAL OUTLOOK Industrial metals are tad higher on international bourses. Outlook for industrial metals is sideways to up for the day. Any major rebound in dollar may cap the upside in industrial metals.