METALS-Copper rises on upbeat China data, supply concerns after Freeport delay
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 CMCU3 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 SCFcv1 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 LCOc1 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 CMAL3 gained 0.56%, zinc CMZN3 nudged 0.15% higher, lead CMPB3 added 0.18%, nickel CMNI3 climbed 1.47% and tin CMSN3 surged 2.21%.
Elsewhere on SHFE, aluminium SAFcv1 rose 0.70%, zinc SZNcv1 declined 0.80%, lead SPBcv1 dipped 0.15%, nickel SNIcv1 added 0.56% and tin SSNcv1 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)
