Copper futures rose to the highest in more than a week as supply concerns mounted on prospects for a strike at Freeport-McMoRan Inc.’s (FCX) site in Indonesia, the world’s third-largest mine for the metal.
The union gave notice that workers plan to walk out at Grasberg over safety concerns, and as many as 12,000 will join the protest, Juli Parorrongan, a spokesman for the labor group, said by telephone today. Copper stockpiles in warehouses monitored by the London Metal Exchange have dropped 56 percent this year.
“Any potential supply disruptions like the planned strike at Grasberg will move the market, as the stock levels are low and supply and demand are so close,” Richard Fu, director for Asian commodity trading at Newedge Group SA in London, said by e-mail today.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015