Copper up over Escondida, Grasberg issues

THE issues at Escondida and Grasberg have been good for the copper price, with the red metal pushing through $6100 a tonne ($2.76 a pound) this week for the first time since July 2015.

  • Staff Reporter
  • 17 February 2017
  • 06:34
  • News
Copper up over Escondida, Grasberg issues

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The price is currently around at $6048/t or $2.74/lb and the cause is major supply disruptions at the world's two largest copper mines.
 
Gold rose above $1240 overnight.
 
The world's largest copper mine, the BHP Billiton-controlled Escondida, is subject to current strike action.
 
More than 2500 workers at the Chilean mine downed tools last Thursday after wage negotiations broke down, and Bloomberg has reported that union leaders are prepared to stay on strike for up to two months.
 
At Freeport McMoRan's Grasberg mine in Indonesia is in doubt after the government changed its mining policy.
 
The government wants Freeport to move from a contract of work to a special mining business licence, and therefore forgo its current rights to fiscal and legal certainty, and commit to build a new smelter.
 
In softer commodities, cocoa increased $85 per tonne or 4.28% to $2072 yesterday from $1987/t in the previous trading session, tradingeconomics.com reported. Historically, cocoa reached an all-time high of $4361.58/t in July of 1977 and a record low of $211/t in July of 1965.
 
Coffee increased 3.90c per pound or 2.70% to 148.40c/lb yesterday from 144.50c/lb in the previous trading session, trading economics reported. Historically, coffee reached an all-time high of 339.86c/lb in April of 1977 and a record low of 42.50c/lb in October of 2001.
 
 

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