(Recasts to lead with LME copper, adds analyst comment)
April 29 (Reuters) - Copper climbed for the first time
in five days on Wednesday as Chinese buying and concerns over
disruption to sulphuric acid and diesel supplies supported
prices, even as industry data showed the refined copper market
was in a significant surplus.
Benchmark three-month copper on the London Metal
Exchange was up 0.3% at $13,076 a metric ton as of 0940 GMT.
SP Angel analyst John Meyer said prices were being supported
by concerns over shortages of sulphuric acid, which is used to
make around 20% of the world's copper, due to the ongoing
conflict in the Middle East.
"China banned acid exports and copper miners in Chile get a
certain amount of their acid from China," Meyer said. Chile is
the world's biggest mined copper producer.
Miners are also concerned about diesel shortages, a trader
said, adding that Chinese consumers have been buying copper
whenever the price dips, "especially ahead of a holiday."
The Shanghai Futures Exchange will close on Friday for the
Labour Day holiday and not reopen until May 6.
Still, the global refined copper market was in a 276,000-ton
surplus in February, the International Copper Study Group said
on Tuesday.
"We see the refined copper oversupply in 2025 being
sustained in 2026 and 2027," BNP Paribas said in a note.
The bank is nonetheless raising its copper price forecasts
for both years, with a base case for prices to hit about $14,000
a ton this quarter, adding that funds' interest in the metal
"continues to support prices well above fundamentally justified
levels."
Nickel was flat at $19,435 a ton after earlier
touching its highest since June 2024. The battery metal has been
supported by production cuts in Indonesia, where the sulphur
squeeze is also being felt.
Aluminium rose 0.2% to $3,544.50, not far off the
four-year high of $3,672 struck on April 16, while zinc
fell 0.7% to $3,345, lead inched up 0.1% to $1,957 and
tin gained 0.9% to $49,405.