HomeNewsNewsLondon copper rises as Peru mine shutdown fuels supply concerns

London copper rises as Peru mine shutdown fuels supply concerns

Dec 6 (Reuters) – London copper edged higher on Monday after MMG Ltd’s (1208.HK) decision to shut down production at Peru’s Las Bambas copper mine exacerbated supply concerns in an already tight market, although gains were capped by a firmer dollar.

Three-month copper on the LME rose 0.6% to $9470.5 a tonne, as of 0230 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange edged 0.3% higher to 69,400 yuan ($10,897.56) a tonne.

MMG said on Friday it will shut the Las Bambas mine, one of Peru’s largest copper mines, by mid-December because of a road blockade. read more

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On-warrant LME copper inventories were at 70,275 tonnes, down over 70% from August highs. ShFE stockpiles also fell to 36,110 tonnes last week, down 84% from 229,179 hit in May.

Stockpiles of the metal – widely used in power, manufacturing and infrastructure sectors – dropped to…

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