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.
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