BEIJING- London copper traded within a tight range on Wednesday, as a recent rally in prices dampened consumption in top consumer China, although supply disruptions primarily caused by Cobre Panama mine closure continued to lend some support.
Three-month copper on the London Metal Exchange was up 0.1 percent at $9,714 per metric ton, after a two-day decline.
The most-traded June copper contract on the Shanghai Futures Exchange slid 0.5 percent to 78,460 yuan ($10,832.08) per ton.
Cobre Panama, one of the world’s largest open-pit copper mines, was forced to shut in December, reversing global supply of copper concentrate to a supply deficit this year.
Copper prices have rallied so far this year with support from mine closures and upbeat Chinese demand outlook.
LME copper hit a two-year high on Friday.
Fabricators of copper tubes and wires in China are struggling to pass on higher costs to their customers, ANZ analysts said, citing comments from an industry conference in Hangzhou.
Yangshan copper premium, an indicator of demand for imports, plunged to near zero on Tuesday and the lowest, according to data by Shanghai Metals Market that tracks records back to 2013.
