Copper steady as mine supply disruption and tight stocks lend support
XLB•Copper held near its record at $14,624.50 a ton as mine disruptions and declining exchange inventories supported prices. LME copper stocks fell 1,625 tons to 232,275 tons.
1. Supply concerns support copper
Three-month copper was little changed at $14,624.50 a metric ton, near the record $14,875 reached last month. Codelco partially suspended operations at its El Teniente mine after a landslide, while a strike continued at Antofagasta’s Centinela mine as talks were set to resume.
2. Inventories and other metals
LME copper stocks declined by 1,625 tons to 232,275 tons, and the cash contract premium over the three-month forward contract remained at $99 a ton. Aluminium fell 0.5% to $3,036 a ton, zinc slipped 0.1%, lead rose 0.6%, nickel edged down 0.1% and tin eased 0.5%.
