By Glenys Sim Dec. 11 (Bloomberg) -- Copper rose for the first time in seven days in Asia, paring its first weekly loss in six, as the decline encouraged purchases and on possible supply disruptions in Chile, the world’s largest producer of the metal. Workers at Xstrata Plc’s Altonorte copper smelter may go on strike on Dec. 23 after management and unions failed to reach a wage agreement in meetings held since last month, while wage talks are ongoing at Codelco’s Chuquicamata mine. The metal fell 4.4 percent in the past six days and is down 2.8 percent this week, the first weekly drop since Oct. 30. “Copper’s had a nice correction recently and the price below $7,000 is attractive to some investors,” said He Ruiyan, head of research at Xiamen International Trade Futures Co. “While we have stockpiles growing, we also have the possibility, albeit a slim one, of supply disruptions in Chile.” Copper for delivery in three months on the London Metal Exchange gained as much as 0.6 percent to $6,849.75 a metric ton, before trading at $6,845 at 10:10 a.m. Singapore time. The metal, rebounding from its longest losing streak in a year, headed for its largest weekly drop since Sept. 25. March-delivery copper rose 0.5 percent to $3.118 a pound on the Comex division of the New York Mercantile Exchange, paring the week’s 2.9 percent drop. March-delivery copper on the Shanghai Futures Exchange traded little changed at 54,140 yuan ($7,930) a ton. The worst postwar recession halved copper prices last year and boosted LME stockpiles by 36 percent this year. Inventories expanded for a 28th day yesterday to 461,625 tons, while those in Shanghai warehouses stood at 104,710 tons last week, more than six times the level at the start of the year. Chilean Supplies Xstrata Plc presented a final offer to its Altonorte copper smelter workers yesterday, company spokeswoman Emily Russell said. A majority of workers would vote for a strike beginning Dec. 23 after an existing contract expires on Dec. 18, according to union president Abdiel Sepulveda. At Codelco’s Chuquicamata copper mine, wage talks and production have resumed after workers ended a blockade as the company withdrew a proposal to cut benefits. The Santiago-based company said it is “confident” it can reach a wage with workers after holding talks with unions yesterday. Among other LME-traded metals, aluminum was little changed at $2,205 a ton, zinc rose 0.3 percent to $2,277 a ton, and lead gained 0.2 percent to $2,280 a ton. Nickel added 1.3 percent to $16,480 a ton, while tin hadn’t traded by 10:25 a.m. in Singapore. To contact the reporter for this story: Glenys Sim in Singapore at gsim4@bloomberg.net

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