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METALS-Copper rises on upbeat China data, supply concerns after Freeport delay
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METALS-Copper rises on upbeat China data, supply concerns after Freeport delay
May 10, 2026 8:32 PM

May 11 (Reuters) - Copper prices edged higher on Monday,

supported by stronger-than-expected inflation data from top

consumer China and supply concerns after Freeport delayed a full

recovery of its Grasberg mine in Indonesia.

The benchmark three-month copper on the London Metal

Exchange was up 0.10% at $13,586 a metric ton, as of 0242 GMT,

after climbing to a three-month high on Friday.

The most-traded copper contract on the Shanghai

Futures Exchange rose 0.68% at 104,360 yuan ($15,358.13) a ton.

China's consumer prices rose 1.2% in April from a year

earlier, beating expectations for a 0.9% increase, while

factory-gate prices jumped 2.8%, also above estimates and

hitting a 45-month high, according to National Bureau of

Statistics data.

The data supported sentiment towards industrial metals,

although traders said the rise in factory-gate prices was driven

largely by higher energy and raw material costs rather than a

clear rebound in domestic demand.

Elevated energy costs due to the Iran conflict remained a

pressure point for copper, with Brent crude holding

above $104 a barrel after U.S. President Donald Trump swiftly

rejected Iran's response to a U.S. peace deal.

Copper was also supported by supply concerns after Freeport

delayed the full resumption of its flagship Grasberg mine to

early 2028, from previous expectation of a return to full

capacity by 2027.

The mine is currently operating at about 40%-50% capacity as

it still recovers from a fatal mudflow last September.

The delay adds pressure to an already tight copper

concentrate market, where mine disruptions have squeezed smelter

treatment charges and kept supply risk high.

Sentiment was also supported by Trump's scheduled visit to

China this week.

Among other base metals on the LME, aluminium gained

0.56%, zinc nudged 0.15% higher, lead added

0.18%, nickel climbed 1.47% and tin surged

2.21%.

Elsewhere on SHFE, aluminium rose 0.70%, zinc

declined 0.80%, lead dipped 0.15%, nickel

added 0.56% and tin gained 1.06%.

Monday, May 11

DATA/EVENTS (GMT)

0645 France Reserve Assets Total April

1400 US Existing Home Sales April

($1 = 6.7951 Chinese yuan)

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