The most-traded May copper contract on the Shanghai Futures Exchange climbed 1 percent to 42,020 yuan ($6,790) a tonne on Friday with losses curbed by supply concerns as a blockade of the Grasberg mine in Indonesia entered its fifth day. "Copper may have got a little ahead of itself overnight and what we're seeing is a bit of a pullback," a trader said. "But supply out of Indonesia is still a factor."
Workers began blocking a road into the Freeport-McMoRan Inc mine on Monday to protest against a settlement reached with other employees at the end of a previous dispute.
But the mine has stockpiles of copper concentrates ready for shipment at a port, according to union officials representing workers, reducing any near-term supply impact.
Japan's aluminium premiums for April-June contract shipments were mostly set at $380 per tonne, down for the first time in six quarters on higher inventories and slumping spot premiums.
Comments
Comments are closed.