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(Adds comments and updates prices) By Brijesh Patel Oct 7 (Reuters) – Copper prices rose on Tuesday on concerns over supply from top producer Chile and major supplier Indonesia, although a stronger U.S. dollar kept the gains in check. Three-month copper on the London Metal Exchange rose 0.4% to $10,691.50 per metric ton by 0257 GMT. On Monday, the metal hit its highest since May 2024 before easing. Miner Freeport said on Sunday that five workers, missing since a mud flow disaster at the Grasberg copper and gold mine in Indonesia last month, were found dead. "This tragic event, combined with ongoing tightness at other major copper-producing sites, has injected a firm floor under prices," Fawad Razaqzada, market analyst at City Index and FOREX.com, said in a note. "With U.S. inventories still elevated yet tightening slowly, traders appear confident that near-term supply constraints could offset that." As the world's second-largest copper mine, Grasberg accounts for 3% of global concentrate production. Operational suspensions at Grasberg, coupled with disruptions at Kamoa-Kakula in the Democratic Republic of Congo and the El Teniente mine in Chile, suggest supply concerns are likely to persist this year. Analysts estimate the disruptions could result in a loss of 591,000 tons of copper output between September 2025 and 2026 end, prompting Goldman Sachs, Citi and Bank of America to raise their price forecasts. Chile's copper output fell 9.9% year-on-year in August after an accident at Codelco's flagship mine on July 31. Meanwhile, the dollar index extended gains against its rivals. A stronger dollar makes greenback-denominated assets more expensive for holders of other currencies. Among other London metals, aluminium fell 0.3% to $2,716.50 a ton, nickel eased 0.2% to $15,445, lead slipped 0.3% to $1,998.5, tin lost 0.7% to $36,530, while zinc was steady at $3,007. Chinese markets are closed from October 1 to 8 for the Golden Week holiday. For the top stories in metals and other news, click or (Reporting by Brijesh Patel in Bengaluru; Editing by Sumana Nandy and Subhranshu Sahu)

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JAKARTA, Oct 7 (Reuters) – Indonesia's foreign exchange reserves were $148.7 billion at the end of September, down from $150.7 billion a month earlier, data from the central bank showed on Tuesday. The September level was the equivalent of 6.2 months of imports, higher than international standards, and adequate to support Indonesia's external sector and maintain macroeconomic and financial stability, Bank Indonesia said. (Reporting by Stanley Widianto; Editing by John Mair)

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(Changes source and updates with details, background in paragraphs 2-5) By Andrea Shalal WASHINGTON, Oct 6 (Reuters) – U.S. President Donald Trump has called off efforts to reach a diplomatic agreement with Venezuela and told his special envoy Richard Grenell to stop all outreach, a senior U.S. official said on Monday. The news, which was first reported by the New York Times, follows a series of military strikes on vessels carrying drugs near Venezuela. Trump told Congress that the U.S. is engaged in "a non-international armed conflict" with drug cartels. Although Trump is reportedly considering strikes inside the South American country, the U.S. official told Reuters that the president has not yet determined whether to advance his military campaign to a second phase. Trump delivered the message to Grenell during a meeting in the Oval Office last Thursday with senior military leaders, the senior official said. Trump on Sunday told U.S. service members that U.S. strikes on vessels off the coast of Venezuela had halted the flow of drugs by sea and the U.S. would now "have to start looking about the land." No further details were released by the White House. Tensions between Washington and Caracas have intensified since Trump returned to the White House in January with Venezuelan President Nicolas Maduro denying U.S. allegations that drugs were being produced in the country, and claiming that the U.S. is hoping to drive him from power. Trump has played down the possibility of a regime change in the South American country. In August, Washington doubled its reward for information leading to Maduro's arrest to $50 million, accusing him of links to drug trafficking and criminal groups that Maduro denies. (Reporting by Andrea Shalal; Writing by Jasper Ward; Editing by Nia Williams and Raju Gopalakrishnan)

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By Nimesh Vora MUMBAI, Oct 7 (Reuters) – The Indian rupee is set to open slightly higher on Tuesday, supported by the central bank’s defence of the 88.80 handle, with expected IPO inflows providing an additional boost. The 1-month non-deliverable forward indicated the rupee will open in the 88.72-88.74 range versus the U.S. dollar, compared with Monday's finish at 88.78. Intraday volatility in the rupee has dipped in recent sessions, with the Reserve Bank of India defending 88.80, according to bankers. The local unit on Monday traded in a narrow 7-paisa range, with the RBI seen supplying dollars through state-run banks for most of the session, they added. Bankers said the RBI has been intervening heavily in both the onshore spot and offshore non-deliverable forward markets over the past three weeks. They estimated the total intervention at a minimum of $10 billion. One banker said the actual figure could be more than $20 billion, underscoring the scale of the central bank's efforts to support the rupee. A currency trader at a mid-sized private sector bank said it appears the RBI does not want the rupee to slip past 89 for now. With the central bank aggressively defending the current level, this will cap incremental dollar long positions and nudge importers to rethink slightly the extent to which they hedge, the trader said. The RBI's defence of the 88.80 level is likely to be bolstered by expected IPO-related inflows, which are anticipated to attract interest from foreign investors. Together, they will provide near-term relief for the struggling rupee. Non-bank lender Tata Capital's $1.75 billion share sale kicked off on October 6, while LG Electronics India will open its $1.3 billion IPO later in the day. Meanwhile, Asian currencies were mixed on Tuesday, while the dollar index climbed past 98. The Japanese yen was little changed after Monday's plunge, holding below 150 to the dollar. KEY INDICATORS: ** One-month non-deliverable rupee forward at 88.88; onshore one-month forward premium at 15 paise ** Dollar index up at 98.16 ** Brent crude futures up 0.4% at $65.7 per barrel ** Ten-year U.S. note yield at 4.16% ** As per NSDL data, foreign investors sold a net $178.5 million worth of Indian shares on October 3 ** NSDL data shows foreign investors bought a net $139.9 million worth of Indian bonds on October 3 (Reporting by Nimesh Vora; Editing by Sonia Cheema)

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TAIPEI, Oct 7 (Reuters) – The United Nations resolution that led to Beijing assuming China's seat from Taipei was about switching representation and did not mention Taiwan, the EU said, commenting on an escalating dispute over the interpretation of the key document. China says that 1971's U.N. resolution 2758, which led to Beijing taking over representing China from Taipei, gives international legal backing to its territorial claims over Taiwan, and reiterated that point in a long foreign ministry statement last week. Taiwan says Beijing is trying to use its "misleading" interpretation of the resolution to create the legal basis for a future attempt to invade and take over the island. Taiwan's formal name is the Republic of China, and it held on to China's U.N. seat post-1949, when its government fled to the island after losing a civil war with Mao Zedong's communists, until the 1971 resolution was passed. "United Nations Resolution 2758 is very short – only 150 words. And among those 150 words, the word 'Taiwan' does not appear," an EU spokesperson said in an emailed statement "The resolution switched representation in the United Nations from the 'representatives of Chiang Kai-shek' to the 'representatives of the Government of the People's Republic of China'," the spokesperson added, referring to Taiwan's then-leader. China's foreign ministry did not immediately respond to a request for comment. The comments also come after the U.S. State Department said last week that China was intentionally mis-characterising and misusing the resolution as part of broader "coercive attempts to isolate Taiwan from the international community". The EU spokesperson said: "As a permanent member of the UN Security Council, China has a special responsibility in upholding the rules-based international order, the United Nations Charter and international law. This includes the prohibition of the use of force and the maintenance of international peace and security." No EU member state has formal ties with Taiwan, whose government rejects Beijing's sovereignty claims. But Taiwan has sought greater support from Europe, with its foreign minister visiting the continent twice last month. (Reporting by Ben Blanchard in Taipei and Philip Blenkinsop in Brussels; Editing by Raju Gopalakrishnan)

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(Adds analyst comments, context from paragraph 3) BEIJING, Oct 7 (Reuters) – China's central bank added gold to its reserves in September for the eleventh straight month, official data from the People's Bank of China (PBOC) showed on Tuesday. China's gold reserves rose to 74.06 million fine troy ounces at the end of September from 74.02 million ounces at the end of August. Its gold reserves were valued at $283.29 billion at the end of last month, up from $253.84 billion at the end of August, the PBOC said. "A strong figure would reinforce the idea that China is keen to de-dollarize and accelerate its actions in that space," said independent analyst Ross Norman. "Further purchases, even modest ones, will be seen domestically as positive for a price-sensitive market. It may narrow the significant discounts at Loco Shanghai. It will give investors, ETF buyers, and institutions confidence that gold will continue rising." Gold, traditionally seen as a refuge from political and economic uncertainty, has hit multiple record highs so far this year because of uncertainty surrounding U.S. tariffs, geopolitical conflicts, expectations of interest rate cuts, a broader weakening of the dollar and robust central bank buying. Gold prices climbed above $3,900 per ounce on Monday. In May 2024, the PBOC halted its 18-month-long gold purchasing spree. However, the central bank resumed its gold buying in November 2024. A survey by the World Gold Council (WGC) showed central banks around the world expect gold holdings as a proportion of their reserves to increase over the next five years, while expecting their dollar reserves to be lower. (Reporting by Zhang Yan, Qiaoyi Li, Ryan Woo, and Anushree Mukherjee and Ishaan Arora in Bengaluru; Editing by Jacqueline Wong and Christian Schmollinger)

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