Copper soars on possible China stimulus move, Chile supply break
March 25, 2014 10:17 am
Copper advanced for the second time in three days on potentiality China will take steps to amplify growth and despite worry supplies from a mine in Chile will be disrupted.
In London Metal Exchange, the contract for delivery in three months gained 0.3% to $6,494.25 per metric ton and settled at $6,485 at 11:29 a.m. in Tokyo. The price reached $6,321 on March 19, the lowest point since July 2010. Copper dived 12% this year, the worst performer among the six main metals on the LME.
Manufacturing weakened on fifth consecutive month in China, as seen in the data yesterday, augmenting speculation lawmakers in Asia’s biggest economy will act to fuel growth. Anglo American Plc. halted work at its biggest copper mine in Chile following protests by contract workers became violent.
Anglo American stopped processing plants at Los Bronces and would evacuate staff after people said they work for contractors sacked the site and dilapidated installations, company spokesman Marcelo Esquivel said yesterday.
The Comex contract for delivery in May climbed 0.2% to $2.9515 per pound in New York. In Shanghai, futures for delivery in June slid 0.2% to 45,330 yuan (or $7,333) per ton. On the LME, zinc, nickel and tin increased, while aluminum was slightly changed. Lead fell.
The material has been provided by InstaForex Company – www.instaforex.com
Copper advanced for the second time in three days on potentiality China will take steps to amplify growth and despite worry supplies from a mine in Chile will be disrupted.
In London Metal Exchange, the contract for delivery in three months gained 0.3% to $6,494.25 per metric ton and settled at $6,485 at 11:29 a.m. in Tokyo. The price reached $6,321 on March 19, the lowest point since July 2010. Copper dived 12% this year, the worst performer among the six main metals on the LME.
Manufacturing weakened on fifth consecutive month in China, as seen in the data yesterday, augmenting speculation lawmakers in Asia’s biggest economy will act to fuel growth. Anglo American Plc. halted work at its biggest copper mine in Chile following protests by contract workers became violent.
Anglo American stopped processing plants at Los Bronces and would evacuate staff after people said they work for contractors sacked the site and dilapidated installations, company spokesman Marcelo Esquivel said yesterday.
The Comex contract for delivery in May climbed 0.2% to $2.9515 per pound in New York. In Shanghai, futures for delivery in June slid 0.2% to 45,330 yuan (or $7,333) per ton. On the LME, zinc, nickel and tin increased, while aluminum was slightly changed. Lead fell.
The material has been provided by InstaForex Company – www.instaforex.com
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