LONDON: Copper steadied on Tuesday after hitting a one-week low, as the world's top two copper mines continue to recover from recent disruptions, while zinc fell to a new three-month trough.
London Metal Exchange copper traded up 0.4 percent in official midday rings at $5,772 a tonne, after hitting $5,735, its lowest since last Tuesday.
Copper has faltered since BHP Billiton restarted production at the Escondida mine in Chile last week and Freeport McMoRan said it was waiting for final details on a temporary export permit in Indonesia.
Concerns over supply disruptions had sent the metal to a 1-1/2 year high of $6,204 in mid-February.
"The (copper) market over-reacted to supply disruptions and is moving back towards levels that are more justified, though we still say prices should drop below $5,500 given the supply demand balance we have currently," said Julius Baer analyst Carsten Menke.
"There's no real demand growth indicated by (copper) imports from China," he added.
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