MCX Metals & Energy

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MCX Metals & Energy

As per MCX intraday research Mumbai base company report for :

mcx Copper hit highest since June 2015 on Chile mine strike

Copper prices surged to their highest in 20 months on Friday after BHP Billiton declared force majeure due to a strike at the world’s biggest copper mine in Chile. BHP issued an official warning of supply disruptions after workers at the Escondida mine in Chile walked out on Thursday. The mine’s output for the six months ending Dec. 31 was 452,0000 tonnes, unchanged from a year earlier, BHP said in its latest operational review. It had forecast Escondida would produce 1.07 million tonnes in the 12 months to the end of June. Base metals were also broadly supported, with zinc touching a 2-1/2 month high, after U.S. President Trump calmed international tensions by affirming the “one-China” policy and promised big tax cuts. Trade data from China, the world’s biggest metals consumer, also bolstered prices. The broader import/export numbers look strong which is interesting. It’s not as gloomy as the market was expecting. Trump seems to have come round to the one-China view and he wants to have a good business relationship, together with his promises of ‘phenomenal’ tax cuts. Zinc, mainly used in galvanised steel, was also boosted after Chinese iron ore futures jumped nearly 8 percent on Friday to their highest in three years and Chinese steel rebar futures also gained.

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