Shanghai copper jumps

14 Mar, 2017

The most-traded copper on the Shanghai Futures Exchange jumped 2.2 percent to close at 47,560 yuan ($6,887) a tonne on Monday. Zinc in Shanghai climbed 3.3 percent to 22,550 yuan a tonne and Shanghai aluminium added 0.7 percent to 13,880 yuan. Workers at Freeport-McMoRan's Cerro Verde in Peru started an indefinite strike on Friday that halted output of about 40,000 tonnes per month.
"This is positive development for copper after a week-long weakness upon the expectation of (US) rate hikes," said Helen Lau, analyst at Argonaut Securities. Copper was among a slew of commodities that posted their biggest weekly decline in months last week after recent rallies showed signs of petering out, pressured by a glut and tepid demand from top consumer China. A stronger dollar ahead of a looming US rate increase also weighed.

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