– Three-month copper futures on the London Metal Exchange rose 0.9 percent to $9,454.50 a tonne.
– Copper prices for September delivery traded on August 10 on the Shanghai Futures Exchange fell 0.2% to 69,550 CNY (equivalent to 10,737.83) / ton.
Copper prices rose on Friday on supply threats at top producer Chile after workers at one mine quit and as reconciliation talks at the giant Escondida mine dragged on in an effort force to avoid strikes.
Three-month copper futures on the London Metal Exchange rose 0.9 percent to $9,454.50 a tonne.
Contracts for September delivery traded on August 10 on the Shanghai Futures Exchange fell 0.2% to 69,550 yuan (equivalent to 10,737.83) per ton.
The market is facing the possibility of strike action across many operations in Chile, including the giant Escondida copper mine, ANZ analysts said.
Workers at JX Nippon Copper’s Caserones mine in Chile will quit from Tuesday after final negotiations on a collective labor contract fell short of expectations.
New power consumption restrictions imposed by southern China’s Guangxi region on aluminum producers over the weekend could temporarily shut down about half a million tonnes of annual smelting capacity.
Yangshan copper prices rose to $60 a tonne, the highest since March 26, indicating improved import demand for the metal.
The aluminum discount for the three-month contract rose to $9.23 a tonne, the biggest drop since July 23, suggesting that nearby supply has eased.
Aluminum prices rose 0.7% to $2,566.50 a tonne, lead rose 1% to $2,280 a tonne, zinc CMZN3 rose 0.9% to $2,977 a tonne and nickel rose 1.2% to $18,845 /ton.
Nickel price traded on the Shanghai bourse fell 1.5% to CNY 140,120/ton, tin price increased 2.7% to CNY 236,720/ton, aluminum price increased 0.2% to CNY 19,950/ton and zinc price increased 0. .3% to 22,430 CNY/ton.
Source: VITIC/Reuters
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