Los Broncos Miners’ Strike in Chile Sends Copper Higher

by on

Copper futures rose after a mine worker strike in Chile, the world’s top copper producer, turned violent. After contract-worker protests disrupted operations at Anglo American PLC’s Los Bronces mine in Chile. The company chose to shut down the mine on Monday to ensure safety, a company spokesman told The Wall Street Journal via email. Work at the mine was restarted today, and Anglo American expects production to return to normal levels.

After hitting a 30-day low of $6,539 per metric ton on Thursday, March 20, the cash price of primary copper rose 1.6 percent on Monday on the LME. Just off of a 30-day low of $6,526 per metric ton, the copper 3-month price rose 1.5 percent on Monday on the LME.

FREE Download: The Monthly MMI® Report – covering the Copper market.

The cash price of Japanese copper saw the biggest increase at 1.9 percent, finishing at JPY 700,000 ($6,846) per metric ton on Monday. The price of US copper producer grade 110 rose 0.5 percent on Monday, just off the 30-day low of $3.69 per pound it hit on Thursday, March 20. After hitting a 30-day low of $3.69 per pound on Thursday, March 20, the price of US copper producer grade 122 rose 0.5 percent on Monday. Just off of a 30-day low of $3.88 per pound, the price of US copper producer grade 102 rose 0.5 percent on Monday. The prospect of less supply of the orange metal in the market, copper has been in ready supply this year, led to the higher trades.

Chinese copper closed mixed on Monday. The price of Chinese copper wire declined 0.2 percent to CNY 45,355 ($7,286) per metric ton. Chinese copper bar stayed flat at around CNY 46,280 ($7,434) per metric ton. The cash price of Chinese copper saw little movement on Monday at CNY 46,480 ($7,466) per metric ton. The price of Chinese bright copper scrap was unchanged at CNY 44,300 ($7,116) per metric ton.

Find out more about MetalMiner’s copper price forecasting capability to help your metal sourcing efforts.

 

{Comments Off on Los Broncos Miners’ Strike in Chile Sends Copper Higher Comments Off on Los Broncos Miners’ Strike in Chile Sends Copper Higher}