Copper prices rose slightly on Friday, following news that dozens of artisanal miners were killed when part of a copper and cobalt mine owned by Glencore collapsed in Congo.
At least 41 artisanal diggers died at the KOV copper and cobalt open-pit mine in Congo, in which Glencore unit Katanga Mining has a 75% stake, local authorities said.
Artisanal mining on the edge of commercial mine sites is a big problem across Africa as the rudimentary and unregulated practices miners employ can compromise safety. Glencore said the accident has not impacted output.
Three-month copper on the London Metal Exchange rose 0.3% to $4,006 a tonne by 0201 GMT, while the most-traded copper contract on the Shanghai Futures Exchange (ShFE) edged up 0.1% to 47,130 yuan ($6,853.38) a tonne.
Meanwhile, a two-week strike that docked output at Chile’s Chuquicamata copper mine has ended after three main labour unions voted on Thursday to accept the latest contract offer from Codelco, the world’s largest copper producer.
FUNDAMENTALS
* PRICES: London aluminium rose 0.8%, zinc advanced 0.9%. Nickel edged down 0.1%, lead fell 0.1% and tin eased 0.2%.
* SHFE: Shanghai nickel rose 0.9%, while most other metals fell, with aluminium easing 0.6%, zinc dipping 0.3% and lead falling 0.7%.
* CHINA: China’s central bank said on Thursday it will maintain support for the slowing economy as global risks rise, while vowing not to adopt “flood-like” stimulus that analysts say could exacerbate debt and structural risks.
