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| Commodity News |
| HeadLine : |
Copper Futures Pare Gains as Some Chile Mines Resume Operations |
| Date : |
Mar 27 2015 |
- On the London Metal Exchange, copper for delivery in three months rose 0.8 percent to $6,174 a metric ton ($2.80 a pound), after touching $6,294.50, the highest since Jan. 2. Escalating violence in Yemen sparked a rally across energy commodities and metals. Higher energy prices lift mining output costs.
- The metal advanced 3.7 percent last week after labor protests in Indonesia shut production at Freeport-McMoRan Inc.’s Grasberg mine, the second-largest for the metal by capacity. The blockade lasted five days. Heavy rains also have triggered flooding in Chile’s neighboring Peru, where fog restricted the movement of material in Southern Copper Corp.’s Toquepala and Cuajone mines.
- Codelco, the world’s largest copper producer, restarted its four copper mines in the Atacama Desert early Thursday after torrential rains forced their shutdown the day before. The downpour also forced Lundin Mining Corp. to close its Candelaria mine and Pan Pacific Copper Co. to shutter Caserones.
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