*TOP NEWS* Latin America

Reuters: [2008-05-07 00:01:00]

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> Emergency evacuation as Chile volcano spews lava   [nN06461855] 
> Argentine farmers say govt may change export taxes [nN06475948] 
> Colombia to convert foreign debt into pesos        [nN06477565] 
> Brazil sends police after Indians shot over land   [nN06498814] 
> China, Venezuela to ink oil, refinery deal         [nSHA140453] 
> Colombian Congress weakened by paramilitary scandal[nN06493694] 
> Pemex head says Mexico will meet 3 mln bpd target  [nN06528986] 
> America Movil to pay Ecuador $480 mln to operate   [nN06478021] 
> Subcontractors start resuming Codelco operations   [nN06455759] 
> Border coffee roaster helps keep migrants in Mexico[nN06482102] 
> Brazil's Itau profit rises on strong loan growth   [nN06364869] 
 
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Keywords: *TOP NEWS* Latin America 
    

POLL-Peru central bank seen keeping rates stable

Reuters: [2008-05-06 23:19:00]

* What: Peru's central bank interest rate decision

* When: Around 6 p.m. (2300 GMT) Thursday, May 8

* Most economists reckon rate will remain unchanged

By Ricardo Serra

LIMA, May 6 (Reuters) - Peru's central bank will likely hold its benchmark interest rate steady at 5.5 percent on Thursday after its monthly monetary policy meeting, according to a Reuters poll.

One of 10 economists surveyed saw a rate rise to 5.75 percent, but all the others expect rates to remain unchanged. after inflation for April slowed to 0.15 percent from 1.04 the previous month.

In April, the bank raised its benchmark rate by a quarter percentage point and hiked reserve requirements for banks, the latest in a series of efforts to curb inflation.

The central bank's inflation target for this year is 2 percent, plus or minus a one percentage point tolerance band.

Most economists expect prices to rise about 4 percent this year, mainly on an uptick in international food prices, and as the economy grows around 9 percent a year.

(Writing by Terry Wade; Editing by Diane Craft)

((terry.wade@thomsonreuters.com; +511 421 1733)) Keywords: PERU ECONOMY/RATES

US copper ends down as market consolidates records

Reuters: [2008-05-06 20:22:00]

NEW YORK, May 6 (Reuters) - U.S. copper futures closed down on Tuesday, consolidating Monday's rally to all-time record highs as easing supply concerns in Chile eroded some of the market's recent bullish momentum, traders said.

NOTE: For detailed report, click on [MET/L].

* Copper for July delivery <HGN8> ended down 6.90 cents at $3.8785 a lb on the COMEX metals division of the New York Mercantile Exchange. Range was $3.8325 to $3.9420.

* On Monday, the benchmark July contract rallied as much as 44.00 cents, or 11.5 percent, to a new all-time high at $4.2605 a lb, surpassing the previous record high at $4.16 set in May 2006.

* Nearby support seen at Monday's low of $3.82. Resistance pegged at $4.04 to $4.05 - Pioneer Futures analyst Scott Meyers.

* By 12 p.m. (1600 GMT), futures volumes estimated at 12,706 lots. Final volumes on Monday totaled 23,287 lots.

* Open interest rose 1,917 lots at 100,838 contracts open as of May 6.

* Some of the strike fear premium seen leaving the market after subcontract miners agreed to end a 20-day strike at the world's largest copper producer, Codelco - LaSalle Futures Group's head trader Matthew Zeman.

* Subcontract miners started to resume operations at divisions of the copper giant after agreeing late Monday to a government proposal that included a pledge by the company to absorb many of them into its full-time ranks, as well as the payment of a 500,000 peso (US$1,067) bonus agreed in 2007. [ID:nN06455759]

* Copper prices likely to consolidate at around present levels if strike threats continue to cool down - Zeman.

* Demand component in the copper market could again take center stage now that the supply-related copper headlines start to fade - MF Global analyst Edward Meir.

* Support from firmer crude oil prices and weaker U.S. dollar helps copper stabilize at slightly lower levels - Meyers.

* U.S. crude oil futures <CLM8> surged to a record above $122 on Tuesday, with dollar weakness, supply concerns in Nigeria and Iran, and a bullish forecast from Goldman Sachs combining to drive prices higher.

* London Metal Exchange copper warehouse stocks edged up 25 tonnes on Tuesday at 109,650 tonnes. COMEX warehouse copper stocks were flat at 10,827 short tons on Monday.

* LME copper for delivery in three months <MCU3> last traded as high as $8,565 a tonne, its loftiest level since April 30, before ending open outcry session at $8,520, up $110 from Friday.

The LME was closed Monday for a bank holiday.

(Reporting by Chris Kelly; Editing by Marguerita Choy) ((chris.kelly@reuters.com ; +1 646 223 6042; Reuters Messaging: chris.kelly.reuters.com@reuters.net ))

For the latest news and prices, click on the codes in brackets:

LME overview <RING>

LME Warehouse stocks <LME/STX1>

Spot gold/silver <XAU=><XAG=>

COMEX copper futures <0#HG:>

COMEX metals warehouse stocks <CMWST>-<CMWSV>

N.Y. metals hourly volumes <IZQI>

Vols/open interest <MTXM>

RELATED NEWS AND OTHER TOPICS Precious metals news [GOL] All metals news [MTL] All commodities news [C] Metals diary [MTL/DIARY] Ldn Bullion Mkt Assoc <LBMA01> Foreign exchange rates <FX=S> Keywords: MARKETS COPPER/COMEX

Peru unions say ready for nationwide mining strike

Reuters: [2008-05-06 19:52:00]

LIMA, May 6 (Reuters) - Unions at mines throughout Peru are ready to strike next week to demand better labor benefits, the head of the country's biggest federation of mining unions and local union bosses said on Tuesday.

"We have 33 unions supporting us," said Luis Castillo, the federation's leader. "We will go on nationwide strike on May 12 no matter what."

Peru is the world's leading silver producer, ranks second in copper and zinc, and fifth in gold, according to government data.

Castillo has said the federation has formally filed documents advising the government about the strike.

Unions expected to strike include those at Southern Copper <SPC.LM> <PCU.N>, Antamina, Doe Run Peru, Shougang Hierro Peru <SHP.LM>, Atacocha <ATA.LM>, and Milpo <MIL.LM>, among others.

Unions at the Tintaya and Cerro Verde <CVE.LM> are set to meet later on Tuesday to decide about supporting the walkout.

Twice last year unions went on nationwide strikes, which partially cut output at some mines and pressured international metals prices.

The strike next week, like the previous ones, would aim to pressure the government to would lift caps on profits that mining companies share with workers.

They also want the government to change rules for early retirement, to clamp down on outsourcing by companies, and to give workers the right to enroll in state-run pension funds.

Unions also want work days changed to eight hours a day, instead of 12 hours a day.

(Reporting by Teresa Cespedes, Translating by Terry Wade, Editing by Marguerita Choy)

((terry.wade@thomsonreuters.com; +511 221 8309)) Keywords: METALS PERU/STRIKE

US copper consolidates at open after record highs

Reuters: [2008-05-06 16:28:00]

NEW YORK, May 6 (Reuters) - U.S. copper futures lost ground at the open on Tuesday, consolidating Monday's rally to new all-time highs as an agreement to end a 20-day strike at Chile's Codelco eroded some of the red metal's upside momentum, analysts said.

NOTE: For detailed report, click on [MET/L].

* Copper for July delivery <HGN8> was down 6.40 cents by 10:19 a.m. EDT (1419 GMT) at $3.8835 a lb on the COMEX metals division of the New York Mercantile Exchange. Morning range from $3.8325 to $3.9420.

* On Monday, the benchmark July contract surged as much as 44.00 cents, or 11.5 percent, to a record high at $4.2605 a lb, surpassing the previous record high at $4.16 set in May 2006.

* Price consolidation expected after Monday's shocking move that took everybody by surprise. Market certainly not going to test those highs - Pioneer Futures analyst Scott Meyers.

* Nearby support seen at Monday's low of $3.82. A number the market will be keying on - Meyers.

* By 10 a.m., futures volumes estimated at 9,171 lots.

* Copper market loses some of its bullish backing after subcontract miners agreed to end a 20-day strike at the world's largest copper producer, Codelco.

* Subcontracted miners started to resume operations at divisions of the copper giant after agreeing to a proposal that included a pledge by the company to absorb many of them into its full-time ranks, as well as the payment of a 500,000 peso (US$1,067) bonus agreed in 2007. [ID:nN06455759]

* Demand component in the copper market could again take center stage now that the supply-related copper headlines start to fade - MF Global analyst Edward Meir.

* Support from firmer crude oil prices helps copper stabilize at slightly lower levels - Meyers.

* U.S. crude oil futures <CLM8> surged to a record above $121 on Tuesday, with a weaker dollar, supply concerns in Nigeria and Iran, and a bullish forecast from Goldman Sachs all combining to drive prices higher.

* Higher crude oil price has potential to spark a negative turnaround in copper prices if stock market turns down sharply - Meyers.

* Until then, I think it's going to be more of a metals play in conjunction with the energies - Meyers.

* London Metal Exchange copper warehouse stocks edged up 25 tonnes on Tuesday at 109,650 tonnes. COMEX warehouse copper stocks were flat at 10,827 short tons on Monday.

* LME copper for delivery in three months <MCU3> last traded at $8,530 a tonne, up $120 from Friday's closing level.

The LME was closed Monday for a bank holiday.

(Reporting by Chris Kelly, editing by Matthew Lewis) ((chris.kelly@thomsonreuters.com; +1 646 223 6042; Reuters Messaging: chris.kelly.reuters.com@reuters.net ))

For the latest news and prices, click on the codes in brackets:

LME overview <RING>

LME Warehouse stocks <LME/STX1>

Spot gold/silver <XAU=><XAG=>

COMEX copper futures <0#HG:>

COMEX metals warehouse stocks <CMWST>-<CMWSV>

N.Y. metals hourly volumes <IZQI>

Vols/open interest <MTXM>

RELATED NEWS AND OTHER TOPICS Precious metals news [GOL] All metals news [MTL] All commodities news [C] Metals diary [MTL/DIARY] Ldn Bullion Mkt Assoc <LBMA01> Foreign exchange rates <FX=S> Keywords: MARKETS COPPER COMEX