METALS-Copper Falls as LME Stocks Edge Higher and Mine Supply Concerns Ease
4 Articles
4 Articles
The price of copper entered a kind of valley after last Monday reached its second highest level in history in nominal terms.Commodity was passed that day at US$ 6,723 on the London Metal Exchange and, from there, it began to adjust to reach today's US$ 6,575.According to Cochilco's data, it is a decrease of 0.68% in relation to last Friday and its lowest level in two weeks (since October 6).Chile, as usual, is a factor in price swings.
METALS-Copper falls as LME stocks edge higher and mine supply concerns ease
Copper prices have dipped due to rising inventories culminating from a resolution of a major strike at a Chilean mine. With available copper stocks hitting a two-month peak following substantial inflows, expert analyst Daniel Ghali pointed to US tariffs impacting global supply chains and shipping costs. In contrast, China exhibits signs of economic growth, notwithstanding ongoing struggles in its property sector.
Copper prices declined during Monday's dealings, as workers in one of Chile's major mines ended their strike, thus easing concerns about supply disruptions, in conjunction with important Chinese statements. Anthovagasta's mine workers agreed to a new employment agreement, ending a strike that began on October 7, and explained that production remained at normal levels throughout [...] the period of copper prices declined with the end of a workers…
On Monday morning, the reference price for three-month copper at the London Metal Exchange (LME) was 0.1%, at $14,385 per ton.
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