Copper gains on strike news

December copper added 5 cents to $3.69 per pound in New York on Monday as a mine workers strike was set to begin in Peru.

Meanwhile, three-month copper added $90 to $8,110 per tonne on the London Metal Exchange.

The strike, revolving around wage issues, could cut supplies at the two mines and smelter involved, which are owned by Southern Copper Corp. (NYSE: PCU).

In addition, mine workers across Peru have voted to state a national strike, which is scheduled to begin on 5 November.

Analysts believe that copper prices will remain high as supplies are tightened by the strikes which have hit copper facilities not only in Peru but Mexico and Chile this year.

Besides the effect of the strikes, copper prices were also supported by new data showing that US manufacturing grew at its slowest rate in half a year in September.

Earlier in the day in London other metals prices were mixed with most seeing gains.

Aluminium was 0.1 percent higher to $2,520 per tonne, while nickel added 0.3 percent to $30,600 per tonne and zinc was 1.5 percent to $3,090.

Tin held steady during the day at $15,400 per tonne and lead fell 0.2 percent to $3,395 per tonne.