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London copper prices rose to a near one-week high on Tuesday, as a drop in output from top producer Chile and the potential for more sanctions on Russia raised risks of supply shortages.
Three-month copper on the London Metal Exchange was up 0.3 percent at $10,498 a ton, after a 1.1 percent gain on Monday.
“With potentially further sanctions on Russia, there’s some concern that we may have further disruption of commodity supply chains,” said Ilya Spivak, a currency strategist at DailyFX.
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The United States and Europe were planning new sanctions to punish Moscow over civilian killings in Ukraine, and President VolodymyrZelenskiy warned more deaths were likely to be uncovered in areas seized from Russian invaders.
