Indian Copper was trading at Rs 467.4 per kg, up 0.48%. The prices of Copper tested a high of Rs 469 per kg and a low of Rs 464.25 per kg. Copper rose for a fourth consecutive session on Tuesday, climbing to its highest in almost six weeks, on support from potential supply disruptions amid wage talks at the worlds biggest mine. Chinas Chinalco said it had begun a $ 1.3 billion expansion of its Toromocho mine in Peru, which it said would raise copper output by 45 percent by 2020.
Chinas official news agency said Chinalco aimed to bring annual refined copper output to 300,000 tonnes. The union at BHPs Escondida mine in Chile said on Friday that it had started the latest round of negotiations with a proposal that includes a bonus of about $ 34,000 per worker. The closely-watched talks come little more than a year after failure to reach a labour deal at the mine led to a 44-day strike that jolted the global copper market.
Concerns over demand in China, the worlds top industrial metals consumer, weighed on the market. Chinas economic growth could slow to about 4.5 percent over the medium term, Fitch Ratings said, adding that it expected oil and metals prices to fall by 5-10 percent from its baseline scenario because China is such a large consumer.