Copper Rises to $6,857 per Tonne on Supply Concerns

Copper for delivery in three months on the London Metal Exchange rose $37.03 or 0.54 percent to trade at $6,857 per tonne, according to Reuters. Earlier in the week, the red metal hit its lowest level in nearly three months. However, there is currently a threat of reduced supply from the Escondida mine in Chile, the world’s largest, as the trade union there has called 24-hour strikes for two days next week.

Copper futures for December delivery on New York’s Comex rose 0.3 percent or $0.01 to trade at$3.096 per pound, according to Bloomberg. The price decreased yesterday on fears of slowing demand from China.