MCX BASE METAL UPDATE

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MCX BASE METAL UPDATE

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As per MCX www.crudeoperator.com intraday research Mumbai base company report for :

Copper price hit highest level since May 2015 on supply curbs

The price of copper on Monday hit its highest level since May 2015, extending the previous session’s near 5 percent surge after shipments from the world’s two biggest copper mines were disrupted. Copper has managed to break higher from its recent range with the supply disruptions from two major producers. A strike at the world’s biggest copper mine, Escondida in northern Chile, entered a fifth day on Monday with little sign of an imminent resolution. A strike began at the facility, operated by BHP Billiton , after wage talks failed to end in agreement. On Friday BHP said that it would not be able to meet its contractual obligations on metal shipments two days into what was gearing up to be a prolonged stoppage. Meanwhile, Freeport-McMoRan Inc said an Indonesian export ban remained in place at its Grasberg copper mine, the world’s second largest, because it had yet to reach agreement with the government on a new mining permit. That came against a backdrop of encouraging demand signals from China, which posted much stronger than expected trade data for January as demand picked up at home and abroad.

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