May 12 (Reuters) - Shanghai copper logged its biggest

daily gain in months on Tuesday as supply concerns and

expectations of higher demand from China outweighed higher oil

prices and Freeport pushing back against a reported delay in its

Indonesia mine.

The most-active copper contract on the Shanghai

Futures Exchange gained 2.51% to 106,940 yuan ($15,742.44) a

metric ton as of 0330 GMT after rising as much as 2.90%, the

biggest rise since March 24.

The government of Peru, the world's third-largest

copper-producing country, authorised its state-run oil firm

Petroperu to seek $2 billion in state-insured

loans to ensure continuity of its operations amid high oil

prices driven by the Iran war.

Traders said this raised concerns about the supply of mined

copper from the country as an energy shortage bites.

Also supporting prices were expectations that China's

refined copper imports will rise in the second quarter, driven

by firm demand and potentially lower domestic output because of

smelter maintenance.

Analysts and traders have said demand from power-grid

investment and electric vehicles is helping pull more refined

copper into China.

Meanwhile, Freeport-McMoRan ( FCX ) pushed back against reports that

full production at its Grasberg mine in Indonesia could be

delayed until 2028, saying it still expected full output by the

end of 2027. Freeport had already cut its second-half 2026

recovery forecast for Grasberg to 65% from 85%, leaving supply

concerns in place despite the denial.

Copper also seemed to shake off pressure from rising energy

costs due to the Iran war as the Brent futures rose

above $105 a barrel.

The benchmark three-month copper on the London Metal

Exchange, however, dipped 0.24% to $13,909.50 a ton, after

rising 2.7% to close at $13,943 a ton on Monday, a record-high

closing price.

Elsewhere on SHFE, aluminium added 0.18%, zinc

climbed 1.18%, lead dropped 0.99%, nickel

lost 0.71% and tin surged 1.47%.

Among other metals on the LME, aluminium lost 0.77%,

zinc dipped 0.22%, lead dropped 0.58%, nickel

shed 1.37% and tin tumbled 0.98%.

Tuesday, May 12

DATA/EVENTS (GMT)

0600 Germany HCIP Final YY Apr

0900 Germany ZEW Economic Sentiment, Current Conditions

May

1230 US CPI, Core CPI MM, SA Apr

1230 US CPI, Core CPI YY, NSA Apr

1230 US CPI Wage Earner Apr

($1 = 6.7931 Chinese yuan renminbi)