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Copper prices rose Wednesday on supply disruptions in Chile and Peru, the Wall Street Journal reported.
Copper prices rose Wednesday on supply disruptions in Chile and Peru, the Wall Street Journal reported.
As quoted in the publication:
The most actively traded contract, for December delivery, was recently up 9.70 cents, or 4.3%, at $2.3485 a pound on the Comex division of the New York Mercantile Exchange.
In Chile, output at the world’s biggest copper mine, Collahuasi, was slashed by 30,000 tons a year due to low prices. The mine accounted for 6% of global production in 2014.
Meanwhile, Peru declared a state of emergency in the area around MMG Ltd.’s Las Bambas mine after clashes between police and protesters left three people dead. Peru is the world’s third-largest copper producer, after Chile and China, but has struggled to resolve opposition from rural communities to mining in recent years.
