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.