Copper headed for the biggest monthly advance in a year, trading just below a 16-month closing high, as investors weighed supply setbacks against weak data from China’s manufacturing sector.
Three-month futures were slightly lower near $10,382 a ton, but remained almost 5% higher in September, set for the biggest rise since the same month in 2024. Prices have been supported by supply disruptions, with the latest Freeport-McMoRan Inc.’s declaration of force majeure at the Grasberg mine in Indonesia. On Monday, copper ended at the highest since May last year.