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| Commodity News |
| HeadLine : |
London copper edges up as supply worries simmer |
| Date : |
Feb 27 2017 |
London copper prices inched towards the key level of $6,000 a tonne on Monday, with supply concerns simmering amid production stoppages at the world's two biggest copper mines.
Three-month copper on the London Metal Exchange had risen 0.2 percent to $5,940.50 a tonne by 0203 GMT, building on 1.2-percent gains from the previous session. LME copper hit a 20-month high of $6,204 a tonne on Feb. 13. Shanghai Futures Exchange copper rose 0.8 percent to 48,130 yuan ($6,998) a tonne.
U.S. mining giant Freeport-McMoRan Inc last week warned that it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at the world's second-largest copper mine.
BHP Billiton's decision this week to give up its legal right to replace striking workers at the Escondida copper mine in Chile is a move aimed at sacrificing some output to undermine the union's position.
Source:TOI
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