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Copper rises modestly as Chile strike boosts supply risk
Benchmark London Metal Exchange copper futures settled up 0.4% at $14,475.5 per metric ton after a strike at Antofagasta’s Centinela mine.
Copper edged higher as a strike at a major Chilean mine added to supply concerns, even as a stronger US dollar and a broader pullback in risk assets limited the upside, according to LiveMint Markets.
Benchmark copper futures on the London Metal Exchange settled up 0.4% at $14,475.5 per metric ton on Wednesday.
Labor tensions in Chile are part of a wider pattern of mine disruptions that has tightened the supply outlook, with two unions at Antofagasta Plc’s Centinela mine starting a strike on Wednesday that the unions said would affect copper output in about two weeks.
LiveMint Markets also noted that while Centinela has maintained feed to its processing plants, mine movement and development have largely stopped, and Antofagasta said earlier that projected production remained unchanged. The dispute comes as supervisors at BHP Group’s Escondida, the world’s biggest copper mine, remain in government mediated wage talks after voting for a walkout.
Latest closeCopper $6.659 ▲2.6%