Tuesday, 28 October 2014

Copper futures trades 2-week higher on Indonesia supply worries

Copper futures quoted close to the highest in nearly two weeks as a strike lies ahead for the third largest mine in the world have fueled supply worries.

On the Comex, copper futures for December delivery gained a session high of $ 3.082 a pound, the most since Oct. 15.

The metal rallied as much as 0.3 percent in London after gaining 0.6 percent yesterday to close at the highest since October 14. Copper for delivery in three months on the London Metal Exchange gained 0 3 percent to $ 6,746.50 a tonne in Hong Kong, went to the first monthly advance since July.

The workers of the Freeport-McMoRan Grasberg mine in Indonesia will conduct a one-month strike starting from next week Nov. 6, a union official said on Monday, more than concern for employee safety.

Grasberg mine is among the world's biggest copper mines. In 2013, Freeport sold 885 million pounds of copper from Grasberg.

Today on MCX domestic market, in the base metals copper is showing mild gains. MCX Copper with a gain of 0.7 per cent trading around Rs 419.

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