Shanghai copper rose on Monday to start the year on a strong note, as supply concerns intensified following a strike at a Chilean mine.

The most-active copper contract on the Shanghai Futures Exchange closed daytime trading up 2.68% at 101,350 yuan ($14,521.10) per metric ton, reclaiming the 100,000 yuan level on the first trading day of 2026.

The benchmark three-month copper on the London Metal Exchange climbed 3.42% to $12,896 a ton by 0715 GMT. Earlier in the day, the contract climbed as much as 3.50% and approached a record of $12,960 set last year.

Copper prices were supported as hundreds of miners went on strike at Capstone Copper’s Mantoverde copper and gold mine in northern Chile, after negotiations between the main union and the company on new labour contracts fell apart.

Supply concerns continued to intensify following the strike going into 2026, after mine disruptions, regional dislocations under U.S. tariffs boosted a record-setting rally of copper in the past year.

Meanwhile, Ivanhoe Mines announced first anode production from Kamoa-Kakula Copper Smelter on Friday.

Base metals drifted stronger on Monday, though investors are still assessing the impact of the U.S. military operation against Venezuela over the weekend that captured President Nicolas Maduro.

Aluminium opened the year strong. Shanghai aluminium closed the day 3.98% higher at 23,645 yuan a ton.

London benchmark aluminium climbed 1.48% to $3,060 a ton.

The Shanghai most-active tin contract surged 2.45%, while the London benchmark tin soared 5.11%.

Elsewhere in Shanghai, zinc rose 2.25%, lead added 0.67%, and nickel nudged 0.57% higher.

Among other LME metals, zinc added 1.47%, lead climbed 0.65%, while nickel ticked 0.03% higher.
Source: Reuters