Strike threats push copper to 7-week high
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Copper touched a fresh seven –week high on Wednesday on persistent strike threats and fund buying fuelled lead to a new all-time record. But most metal prices were seen trading in narrow ranges with the US markets closed for Independence Day.
Copper for delivery in three months was up 465 at $7,790/7,805 at 0948 GMT, after hitting $7,820, the highest since May 14. Lead hit an fresh high at $2,860 and fund buying could trigger further upside moves, traders said. Lead was indicated at $2,840/2,860, up $70 or 2.5 per cent.
THREATS
The looming strike deadline at the Collahuasi copper mine in Chile, one of the world’s largest, bolstered sentiment.
Managers have made no new offer to workers who are threatening to strike on July 9 over pay and conditions.
Collahuasi produces about 440,000 tonnes per year of copper in cathodes and concentrate. Separately, subcontract workers at Chile’s Codelco said they have agreed to meet with the world’s larges copper miner after a week of protests, costing the state miner some $30 million in damages and lost output. Aluminium was at 42,745/2,750, down $1. Nickel was steady at $36,200/36,400 versus $36,295/36,300. Tin was up $125 at $13,950/14,050 and zinc gained $20 at $3,440/3,450.
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Source : Business Line |
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