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Shanghai copper rises to near 4-week high on supply worries

Business - Shanghai copper prices rose to a near four-week high on Monday as supply worries rose following a fall in inventories and suspension of operations in major producer nations.

The most-traded copper contract on the Shanghai Futures Exchange (ShFE) climbed as much as 1.9% to 41,960 yuan ($5,958.95) a tonne, its highest since March 17.

Copper stocks in warehouses tracked by ShFE fell for the fourth straight week to 317,928 tonnes on Friday, the lowest since the week ended Feb. 28.

Disruptions to operations or logistics due to the pandemic in South America and Africa that raised supply concerns and signs of a pick-up in Chinese demand also supported prices.

Glencore’s Katanga Mining sent 350 workers to be repatriated this week after the copper and cobalt miner delayed the commissioning of an acid plant in Democratic Republic of Congo.

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