Copper prices climbed on Monday to their highest level in more than 16 months, supported by supply concerns from Chile, the world’s largest producer, and Indonesia, a major supplier.

Three-month copper on the London Metal Exchange (LME) rose 0.4% to $10,760 per metric ton as of 04:14 GMT, its highest since May 2024, extending gains for a fourth consecutive session.

“The upward momentum in copper prices continues, with investors remaining wary about supply challenges in Chile and Indonesia,” Australia and New Zealand Banking Group (ANZ) said in a report.