March 15 (Reuters) - Copper prices rose on Monday to their highest in almost two weeks, building on last week’s gains as industrial output growth in top metals consumer China accelerated faster than expected in January-February and concerns over global supply resurfaced.
Three-month copper on the London Metal Exchange advanced 0.7% to $9,146.75 a tonne by 0737 GMT, after earlier rising to $9,199.50, the strongest since March 3.
The most-traded May copper contract on the Shanghai Futures Exchange ended the daytime session 0.7% higher at 67,520 yuan ($10,379.71) a tonne. Earlier in the day, it hit its highest since March 3 at 68,230 yuan.
China’s industrial output grew a forecast-beating 35.1% in January-February from a year ago, suggesting a sharp rebound of the world’s second-largest economy in the first quarter.
“The crash in activity last year is swelling the year-on-year comparisons but it’s not all about base effects,” said ING’s Asia senior economist Prakash Sakpal. “The underlying recovery also has seen some momentum.”
* China’s output of 10 nonferrous metals, including copper, aluminium, lead, zinc and nickel, rose 10.6% in January-February from a year earlier to 10.56 million tonnes.
* Commodities trader Trafigura sees a significant supply deficit in the copper market and a prolonged high-price cycle.
* Workers at Antofagasta’s Los Pelambres copper mine in Chile voted last week to reject the company’s latest contract offer, paving the way for a strike.
* In Peru, the Glencore-controlled Antapaccay copper mine has announced the suspension of operations due to a road blockade by local communities.
* Other metals also advanced. In London, aluminium rose 0.8% to $2,188/tonne, zinc gained 0.8% to $2,827/tonne, nickel climbed 1% to $16,180/tonne, lead added 0.2% to $1,966/tonne, while tin fell 1.2% to $25,300/tonne.
* In Shanghai, aluminium rose 1.6%, zinc gained 0.6%, lead climbed 0.3%, while nickel added 0.2%. Tin slumped 2.2%. (Reporting by Enrico Dela Cruz in Manila, Editing by Sherry Jacob-Phillips and Subhranshu Sahu)