Base Metals

As work halted at Freeport-McMoRan Copper & Gold Inc.’s (NYSE:FCX) Grasberg mine, copper rose as high as $7,410 per tonne.

Three-month copper prices in London are up at $7,370 a tonne, an increase of $30.22 from the previous session, Reuters reported. Earlier in the day, copper prices hit a high of $7,410 a tonne, the metal’s strongest level in more than a week.

On the COMEX in New York, copper prices rose to $3.355 a pound, an increase of 2.45 cents, The Wall Street Journal reported. A work halt at Freeport-McMoRan Copper & Gold Inc.’s (NYSE:FCX) Grasberg mine, the world’s largest copper mine, has heightened supply concerns.

“Supply-side concerns have continued to lend support, with copper continuing to push higher,” Leon Westgate, a commodity strategist with Standard Bank, told the publication.

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Markets
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COMMODITIES

Commodities
Gold1755.75+1.02
Silver20.02+0.08
Copper3.50+0.02
Palladium2090.49+14.49
Platinum892.18+3.17
Oil97.52+1.10
Heating Oil3.64+0.02
Natural Gas8.17+0.04

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