BEIJING- Copper prices rose on Monday, as fears of a US recession faded following a batch of strong data last week and as inventories in top consumer China declined.
Three-month copper on the London Metal Exchange gained 0.9 percent to $9,201.50 per metric ton, after recording its first weekly gain in six last week.
The most-traded September copper contract on the Shanghai Futures Exchange added 0.5 percent to 73,960 yuan ($10,345.50) a ton.
Last week, reports on retail sales, inflation and producer prices helped allay fears of an economic downturn in the United States sparked by weaker-than-expected employment data at the start of the month.
Minutes of the Federal Reserve’s July policy meeting and Chair Jerome Powell’s speech at Jackson Hole are likely to be the main drivers of currency movement and investor sentiment this week.
The main union at BHP’s Escondida copper mine in Chile agreed to management’s sweetened wage offer on Friday, leading the union to suspend its strike and easing concerns about global supplies of the metal.
Participants last week had expressed wariness of possible prolonged strike at the mine, which accounted for nearly 5 percent of global supply in 2023.
Also lending some support to copper prices were lower inventories in top consumer China.
