Production Halt at Grasberg Buoys Copper Prices

Copper prices on the London Metal Exchange remained unchanged June 5 compared to the previous session, Bloomberg reported. Copper futures for delivery in three months were at $7,455 a metric ton in London. In New York, copper for July delivery increased $0.007 to hit $3.375 a pound on the Comex, according to the source.

The Wall Street Journal said copper prices in New York have risen to their highest settlement price since May 22. A work stoppage at one of the world’s largest copper mine in Indonesia continues to spur concern about supply of the industrial metal.

Leon Westgate, commodities strategist with Standard Bank told the WSJ the production halt at the mine could move as much as 150,00 metric tons (330 million pounds) of copper from the global market for the metal.