HANOI- Shanghai copper prices rose on Monday, poised for a second consecutive monthly gain, as traders expect supply threat in Chile and massive US spending plans on infrastructure to fuel shortages.
Copper is often considered a bellwether of the global economy due to its wide industrial usage, including in infrastructure projects.
The most-traded July copper contract on the Shanghai Futures Exchange rose 0.6 percent to 73,790 yuan ($11,599.47) a ton, up 2.2 percent on a monthly basis.
A strike by a union of remote operations workers at BHP’s Escondida and Spence copper mines in Chile entered its second day on Friday, as the company uses replacement workers to ensure continued production.
The White House proposed a $6 trillion budget plan to ramp up spending on several sectors including infrastructure that raised concerns of shortage in global metals.
ShFE nickel advanced 1.4 percent to 132,430 yuan a ton, tin climbed 1.6 percent to 208,620 yuan a ton, aluminum increased 0.4 percent to 18,795 yuan a ton while zinc dipped 0.1 percent to 22,875 yuan a ton.
