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| Commodity News |
| HeadLine : |
Copper price surges over 10% after touching 2009 lows |
| Date : |
Mar 20 2020 |
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Copper trading in New York fell by more than 8% to $1.9725 a pound ($4,350 a tonne), the weakest level since early January 2016, when it traded below $2.00 for only a week. The last time it traded for a sustained period below this level was in 2008 and 2009. In New York trade the metal fought back, rallying by 11.6% with May delivery contracts exchanging hands for $2.1990 in the mid-afternoon session. Year to date copper is still in bear territory with a 21% decline. Thanks to its widespread use in industry, transportation, construction and power grids, copper is vulnerable to slowdown in the broader economy. The world’s no 2 copper producer, Chile’s state-owned Codelco, said on Wednesday it planned to reduce its operations while the world’s top miner of the metal, BHP said so far the pandemic has not affected output. Reuters reports unionized workers at the Escondida mine in Chile operated by BHP requested on Wednesday a halt to operations unless management begins to implement stricter health and safety measures. Escondida is the largest copper mine in the world by a wide measure and was projected to produce some 1.2 million tonnes this year.
Source : Reuters
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