The most-traded January copper contract on the Shanghai Futures Exchange climbed 0.7 percent to 47,540 yuan($7,776) a tonne on Tuesday as upcoming labour strikes at mines threatened to trim expectations for a metal surplus, while indications of a seasonal pick-up in demand from top consumer China also supported prices.
"We hear what the producers are saying in terms of what they're planning to put out, but it's the unforeseen factors such as industrial action that create (uncertainty), as we have seen in the past few days, and that's providing a little bit of support," said analyst James Glenn of NAB in Melbourne. "Plus the physical market at the moment is still quite tight so any signs of better demand is going to see the price go up."
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