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London Metal Exchange (LME) copper futures hit a five-month high on Friday amid growing concerns that worsening coronavirus infections at mines will affect output in Chile, a major producer
.
At 17:00 London time on June 26 (00:00 Beijing time on June 27), three-month LME copper closed up $64 or 1.
1% to settle at $5,957 a tonne, the highest level
since Jan.
24.
The contract posted a weekly gain of 1.
8%, marking its sixth consecutive weekly gain.
Chile's state-run copper company, Codelco, the world's largest copper miner, said on Thursday it was suspending operations at its copper smelter and foundry in Chu quic amata to stop the spread
of the coronavirus.
Capital Economics recently raised its copper price forecast, now expecting the LME copper to reach $6,200 per tonne by the end of this year
.
Morgan Stanley said Chile's mine production is expected to fall by 250,000 tonnes this year to 5.
56 million tonnes
.
LME spot copper has turned premium from three-month copper for the first time since April last year, indicating concerns
about short-term supply.
The spread was quoted at $1.
15 a tonne on Friday, compared with a
discount of $30 per tonne on June 16.
According to data released by the General Administration of Customs of China, China's refined copper imports in May were 305,700 tons, an increase of 22.
73%
year-on-year.
Among them, Chile is still the largest supplier of refined copper to China, importing 81,700 tons of refined copper from Chile in May, an increase of 21.
59%
year-on-year.
