London copper prices rose on Thursday as slowing manufacturing activities in China raised hopes for more stimulus from the government and amid supply concerns from Panama.
Three-month copper on the London Metal Exchange rose 0.6 percent to $8,462 per metric ton, while the most-traded January copper contract on the Shanghai Futures Exchange eased 0.1 percent to 68,110 yuan per metric ton.
Activities in the Chinese manufacturing sector, a major metal-consuming industry, contracted for a second straight month in November and at a quicker pace, suggesting more policy support measures are needed to help shore up economic growth.
Panama’s president directed Canadian miner First Quantum to shut down the Cobre Panama copper mine after the country’s Supreme Court declared its contract unconstitutional.
On a monthly basis, LME copper is set for the first monthly gain in four months, up 4.2 percent , and SHFE copper rose 1.4 percent . The gain was partly supported by a weaker dollar this month, which makes greenback-priced metals cheaper to holders of other currencies.
LME aluminum edged up 0.1 percent on Thursday at $2,216 a ton, zinc advanced 0.1 percent to $2,503.50, while nickel fell 0.3 percent to $17,075, lead was down 0.3 percent at $2,140.50 and tin eased 0.2 percent to $23,460.
