Copper rose 0.4% to $14,598 a metric ton on the London Metal Exchange and 1.2% to 110,910 yuan on the Shanghai Futures Exchange. Supply concerns followed a partial suspension at Codelco’s El Teniente mine and an ongoing strike at Antofagasta’s Centinela mine, while a Chinese import premium reached a four-year high.
Benchmark three-month copper rose 0.4% to $14,598 a metric ton by 0220 GMT, after gaining the previous week. The most-traded Shanghai contract advanced 1.2% to 110,910 yuan a ton.
Codelco partially suspended operations at its El Teniente mine on Sunday after a landslide killed two workers and left one survivor, according to Chile’s mining regulator. A strike at Antofagasta’s Centinela mine continued, with negotiations set to resume Tuesday under voluntary mediation. Unions said the strike’s full impact is expected in November, when production could fall by half.
The Yangshan copper premium, a key indicator of China’s demand for imported copper, climbed last week to $135 a ton, its highest level in four years. Shanghai Futures Exchange copper stocks rose 51.6% from the end of September to 58,744 tonnes.
