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Copper prices in China rose as much as 7 per cent on Monday to their highest level in more than two years amid continued upward pressure from a strike at the world’s largest copper mine in Chile.

The price of copper contracts on the Shanghai Futures Exchange leaped as high as Rmb50,300 ($7,306.79) per tonne in Monday Asia trading, the highest level since May 17, 2014.

Workers went on strike on Thursday when negotiations over benefits broke down at the Escondida mine, which is majority-owned by BHP Billiton.

The price of copper had closed 4.6 per cent higher on Friday in London after the Australian miner declared force majeure on copper shipments from Escondida, which accounted for 5 per cent of global output in 2016.

Copyright The Financial Times Limited 2017. All rights reserved.
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