LME copper ticks lower on U.S. debt deadlock

London copper edged lower on Monday on cement prices in north sudanconcern over a deadlock in the United States' efforts to raise its borrowing limit to avert a disastrous debt default, but supply worries due to a strike at the world's top copper mine capped losses. Three-month copper on the London Metal Exchange eased $10 to $9,665 a tonne by 0101 GMT. It ended nearly flat last week.

Third month copper on the Shanghai Futures Exchange SCFcv1 dropped 0.4 percent to 71,930 yuan per tonne. U.S. lawmakers failed to achieve a budget breakthrough and instead worked on rival plans on Sunday in an impasse that heightened prospects for a catastrophic U.S. debt fault. There were no signs of a deal emerging to head off a default in about a week that could trigger global economic calamity and downgrade the United States' Triple-A credit rating. U.S. lawmakers missed a self-imposed deadline of producing a deficit-reduction deal by the time Asian markets opened on Monday, but planned to outline a proposal later in the day. A deficit deal is needed to permit a vote to increase the $14.3 trillion U.S. debt ceiling by Aug. 2.