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London Metal Exchange (LME) copper futures held near a five-month high on Monday amid supply disruptions in Chile, the world's largest producer, strong demand from China, the world's largest consumer, and dwindling
inventories.
At 17:00 London time on June 29 (00:00 Beijing time on June 30), three-month LME copper rose 0.
1% to $5,961.
50 a tonne, close to the high of $6,006 a tonne hit on Friday
.
Copper prices have risen about 35% from the lows they hit in March, recovering almost all the ground
lost in the first phase of the pandemic.
However, analysts said supply and demand fundamentals were only reasonable for copper prices to be around $5,500 a tonne, as lower Chilean production was offset
by weak demand outside China.
Chile's mining minister said that due to the epidemic, the country's copper production could fall by 200,000 tons, equivalent to 3.
5%
of 2019 production.
The Chilean Ministry of Health reported 4,216 new confirmed cases of new crowns on the 28th, with a total of 271982 confirmed cases and 5,509 deaths
.
Chilean Health Minister Enrique Parris recently said that the epidemic situation in some parts of the country has "slightly improved"
.
In order to contain the spread of the epidemic, the Chilean government continues to expand the scope of
quarantine.
As of the 28th, a total of 63 urban areas across the country are under quarantine measures
.
China's National Bureau of Statistics reported on Sunday that total profits of industrial companies above designated size rose
in May for the first time in six months.
Factory activity in China could have increased for the fourth straight month in June, but the pace of growth could slow,
the survey showed.
In May, China's industrial enterprises above designated size achieved a total profit of 582.
34 billion yuan, an increase of 6.
0% year-on-year, and a decrease of 4.
3%
in April.
Despite the fact that global coronavirus deaths exceeded 500,000 as of Sunday, global stock markets are still rising, with a cumulative total of 10.
1 million confirmed cases
.
LME copper warehouse receipts fell by 2,450t to 112,850t on Monday, the lowest level
since Jan.
17.
LME spot copper narrowed to $5-10 from $30 earlier this month, a sign
reflecting tighter supply.
