Copper rose 0.06% to $14,630 a metric ton and was up 0.75% for the week, supported by tight supply in China. Shanghai exchange copper inventories fell 15.9% to 47,147 tons, while operations at BHP’s Escondida mine were suspended after a fatal accident.
Copper prices ticked higher on Friday and were set for a weekly gain after China’s visible inventories dropped and smelters announced reduced production schedules for maintenance. Shanghai Futures Exchange copper inventories fell 15.9% from the previous Friday to 47,147 tons.
Operations at BHP’s Escondida mine in Chile were suspended on Wednesday after a worker was killed in an accident. The LME cash-to-three-month copper spread widened to a $124.75-a-ton backwardation on Thursday from $68.93 a day earlier, indicating heightened concerns about availability.
Zinc rose 0.61% and was set for a 1.51% weekly gain after Nyrstar launched a strategic review of its Dutch zinc smelting operations. Aluminium gained 0.55%, while lead and nickel slipped 0.28% and 0.19%, respectively; tin was up 0.04%.
