SHANGHAI, Oct 9 (Reuters) - Shanghai copper jumped to a more than 16-month high on Thursday as trading resumed in China after the National Day holiday, with concerns over supply from major mines supporting prices in an already tight market.
The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 rose 3.64% to 86,250 yuan ($12,102.72) per metric ton by 0330 GMT. Earlier in the session, the contract rose to the highest since May 22, 2024 at 86,390 yuan.
Benchmark three-month copper on the London Metal Exchange CMCU3 was up 1.11% at $10,787.5 a ton, as of 0333 GMT. It briefly hit $10,815 on Wednesday, also a 16-month peak.
The International Copper Study Group cut its 2025 market surplus estimate on Wednesday to 178,000 tons from 289,000 tons due to disruptions at major mines including Freeport's massive Grasberg mine in Indonesia, which has been shut for a month.
The group now expects a 150,000-ton deficit in 2026, compared with its previous estimate of a 209,000-ton surplus.
On Wednesday, Teck Resources TECKb.TO cut its forecast for production at the flagship Chilean copper mine Quebrada Blanca through 2028.
Copper prices also found support from the U.S. dollar =USD drifting lower. A weaker dollar makes commodities traded in the greenback cheaper for traders using other currencies.
Among other SHFE base metals, tin posted the second-biggest gain, with the most-active contact SSNcv1 up 2.86% at 286,010 yuan a ton as a crackdown on illegal tin mining intensified in top exporter Indonesia this week.
Indonesia transferred assets including smelters and equipment to state tin miner PT Timah on Monday, as President Prabowo Subianto urged authorities including military, custom office and the coast guard to continue their efforts to stop illegal mining.
Aluminium SAFcv1 gained 1.42%, zinc SZNcv1 rose 1.55%, nickel SNIcv1 was up 1.49% and lead SPBcv1 increased 0.89%.
Among other LME metals, aluminium CMAL3 was up 1.09%, zinc CMZN3 gained 0.63%, nickel CMNI3 rose 0.91%, lead CMPB3 was up 0.8% and tin CMSN3 climbed 0.41%.
($1 = 7.1265 Chinese yuan)
(Reporting by Dylan Duan and Lewis Jackson; Editing by Subhranshu Sahu)
((Dylan.Duan@thomsonreuters.com;))