London copper prices rose for a second session on Tuesday, supported by worries about supplies from top producer Chile, although a stronger dollar and lingering concerns over Chinese demand kept gains in check.
Chile’s copper production fell 7.5% in February to 394,700 tonnes, the State Chilean Copper Commission (Cochilco) said in a report on Monday.
Fundamentals
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Three-month copper on the London Metal Exchange was up 0.2% at $10,492 a tonne, as of 0224 GMT, after a 1.1% gain on Monday.
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The US dollar held firm near one-week high on talks of more sanctions against Moscow following international outrage over Ukraine civilian killings.
London copper eases on China demand worries, Shanghai nickel falls
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A strong dollar makes greenback-denominated metals more expensive to buyers using other currencies.
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Trading is expected to be subdued with markets in top metals consumer China still closed for a public holiday, but traders kept a close watch on economic implications due to a rapid surge in domestic COVID-19 cases.
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The major Chinese financial centre of Shanghai extended restrictions on transportation on Tuesday after a day of intensive city-wide testing saw new cases surge to more than 13,000, with no end to the lockdown yet in sight.
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The London Metal Exchange said on Monday it would commission an independent review into the events that led to chaos in the nickel market last month.
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