Shanghai copper rallied to the highest in more than six weeks on Monday, underpinned by a slightly softer dollar and supply concerns amid wage negotiations at the world's largest copper mine. The union of workers at BHP's Escondida copper mine in Chile said on Friday it had kicked off the latest round of labour negotiations with a contract proposal that includes a bonus of about $34,000 per worker at the world's largest copper mine.
Supply concerns are supportive, however, demand may be pared back as June is typically a quieter month for demand due to summer holidays in the northern hemisphere.
"We think LME prices will remain range-bound in June and don't see any major fireworks in the sector in either direction," INTL FC Stone said it a monthly report.
Shanghai Futures Exchange copper finished up 0.8 percent to 51,760 yuan ($8,068) a tonne, having earlier struck the highest since April China warned the United States on Sunday that any agreements reached on trade and business between the two countries will be void if Washington implements tariffs and other trade measures, as the two ended their latest round of talks in Beijing.
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