Copper Rises a Second Day on Strike in Chile, Mine Stoppage
Copper climbed in London as miners prepared to strike in Chile, the biggest producer, and the main crusher at the Collahuasi venture was halted for repairs. Aluminum, lead, zinc and nickel also climbed.
Copper for delivery in three months climbed as much as 1.1 percent to $7,532 a metric ton on the London Metal Exchange, and was at $7,528.25 by 9:25 a.m. in Shanghai. The metal for August delivery on the Shanghai Futures Exchange rose 0.6 percent to 54,920 yuan ($8,853) a ton. The May-delivery contract on the Comex in New York gained 0.8 percent to $3.3965 per pound.
Anglo American Plc and Xstrata Plc halted the main crusher at Collahuasi in Chile to correct processing failures for an estimated period of 45 days, John MacKenzie, head of copper at the London-based company, said in an April 5 interview. Chilean copper miners will hold their first nationwide strike today for 24 hours to push for greater job security.
“The strike news offered support to copper prices,” Wu Jianjian, an analyst at Yongan Futures Co., said by phone from Hangzhou. “The rally may face heavy pressure at $7,600 amid expectations for a surplus.”
The global copper concentrate surplus may reach 350,000 tons this year, said Aurubis AG Chief Executive Officer Peter Willbrandt.
Consumer prices in China, the biggest copper user, gained 2.1 percent in March from a year earlier, the National Bureau of Statistics said today. That compared with a growth of 3.2 percent in February and a median estimate of 2.5 percent in a Bloomberg News survey.
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