Copper Supply Shortages as Demand Picks Up, page-2

Shanghai copper hits 16-month high on Chile supply concerns


SINGAPORE — Shanghai copper prices hit their highest in more than 16 months and London copper scaled near its six-month high on Thursday on supply worries in top producer Chile.
The most-traded August copper contract on the Shanghai Futures Exchange rose as much as 1.9% to 50,620 yuan ($7,236.29) a tonne, its highest since March 4, 2019.
Three-month copper on the London Metal Exchange advanced to as high as $6,305.50 a tonne, a level unseen since Jan. 17.
Unions at Chile’s Codelco, the world’s largest copper producer, said on Wednesday nearly 3,000 workers had been infected with the coronavirus, prompting renewed calls for more safety measures at the company’s sprawling operations.