Shanghai copper posts weekly gain on supply concerns

Shanghai copper prices ended higher for the week, with supply concerns in Zambia and robust half-year earnings from Chilean producer Antofagasta providing support.

The copper contract on the Shanghai Futures Exchange eased 0.08% to 79,060 yuan ($11,008.23) a ton on Friday, but ended the week up 0.66%.

Three-month copper on the London Metal Exchange was down 0.02% at $9,764.5 per metric ton as of 0710 GMT, and is down 0.01% so far this week.

Data on Thursday showed that copper output in Zambia, Africa's second largest producer, dipped in the second quarter, putting its target of boosting production to 1 million metric tons in 2025 at risk.

The government has been trying to lift copper output to get the economy back on track, but lower production means that Zambia would have to raise output by 27% in the second half to reach its goal.

Meanwhile, top Chilean miner Antofagasta posted a nearly 60% jump in half-year earnings on higher production and prices for its energy transition material copper products.

Copper, a key raw material for power, construction and green energy transition technologies, is expected to benefit from growth in the EV sector and emerging uses such as AI-powered data centres.

Among other London metals, aluminium edged down 0.06% to $2,618 a ton, nickel climbed 0.33% to $15,080, lead dipped 0.2% to $1,985.5, tin gained 0.05% to $33,480, and zinc fell 0.63% to $2,830.5.

SHFE aluminium edged up 0.31% at 20,770 yuan, nickel eased 1.2% to 120,600 yuan, lead increased 0.21% to 16,850 yuan, tin lost 0.66% to 266,820 yuan, and zinc fell 0.16% to 22,505 yuan.