MCX Copper News Update
As per MCX CRUDE OIL OPERATOR intraday research Mumbai base company Report for :
Copper, zinc and nickel rebound on supply concerns
The price of copper bounced back above $6,000 a tonne as a dispute affecting production at the world’s second-biggest copper mine worsened, while zinc was boosted by a drop in inventories. Supply issues dominated the base metals market, with nickel also gaining ground to reach a two-month high as the market tracked the latest plans by the Philippines to close mines on environmental grounds. Further tightening supplies is a strike at Chile’s Escondida copper mine, the world’s biggest, which has extended into a second week. Both Grasberg and Escondida declared force majeure last week. Representatives of Escondida, controlled by BHP Billiton, plan to attend talks with striking workers on Monday as long as the union does not interfere with a shift change for non-union employees. Zinc has gained 10 percent this year on concerns that the closure and suspensions of big mines will create shortages. Nickel extended recent gains as the Philippines’ environment minister said on Monday that she stands by her decision to shut more than half the country’s operating mines ahead of a meeting to review the move.
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