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Print Print edition: 2017-02-09

Shanghai copper soars

Published February 9, 2017 Updated February 9, 2017 12:00am

Shanghai Futures Exchange copper rose 1.8 percent to 47,660 yuan ($6,923) a tonne on Wednesday, while Comex copper also rallied boosted by supply concerns after the world's top two mines said they planned to cut output due to strikes and permit delays.
ShFE zinc rallied 1.5 percent, bringing up sister metal ShFE lead by 2.4 percent.
BHP Billiton said it would halt output at Escondida, the world's biggest copper mine, during a strike set to begin on Thursday, while Freeport-McMoRan Inc has warned it will scale back activities at its Indonesian copper mine, amid a worker strike and other issues.
"Our view is that the copper market will continue to tighten over the course of this year and supply disruptions are part of that view," said Daniel Morgan at UBS in Sydney. "We are looking for $3 a pound ($6,614 a tonne) for this year."

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