SINGAPORE- Copper prices rose on Tuesday, after producer Antofagasta Plc cut its output forecast from Chile due to nationwide protests in the world’s biggest producer of the metal.
“Further signs of weaker copper output in Chile are emerging. Antofagasta said that Chilean unrest has slowed production,” ANZ said in a note.
Antofagasta on Monday doubled its output cut from Chile to about 10,000 tons, pointing to a bigger hit from the protests in the South American nation, which has seen weeks of demonstrations against inequality.
Three-month copper on the London Metal Exchange (LME) rose 0.2 percent to $5,889.50 a ton, on track for its third straight gain.
The most-traded copper contract on the Shanghai Futures Exchange (ShFE) advanced 0.3 percent to 47,180 yuan ($6,715.15) a ton. – Reuters