IT was copper’s time to shine overnight as the US dollar dropped and supply fears crept in
LME cash copper rose by 1.6% overnight to a 2018 high of US$7211.25 per tonne, while three-month copper gained 1.7% to $7220/t.
Labour negotiations at BHP’s Escondida mine in Chile – the world’s largest copper mine – are driving the supply concerns.
Escondida experienced its longest strike ever early last year when production was halted for six weeks.
In other base metals, nickel prices eased by 0.7%, while zinc was down by 0.2%.
Cobalt plunged by another $3000 to $83,750/t, its lowest level since mid-March and its eighth straight drop.
Tin jumped by 1.7% and aluminium by 1.4%.
Metals & Mining on London’s FTSE 100 jumped by 2.7%. Rio led the charge with a 3.3% rise.
Canadian miners were also strong as the gold price remained…
