Copper futures closed on the upside on Monday amid the data that Chilean Dona Ines de Collahuasi Company stopped metal distribution.
By the end of deals on COMEX the March prices were up by 4.7 cents or by 1.1% to 4.2060 dollar/pound.
The main reason of the increase in metal prices on Monday was the information about one of the major copper mining companies in Chili Dona Ines de Collahuasi suspending distribution indefinitely. On Monday in the Company’s port an accident entailing 3 deaths took place.
Besides, the strike at the Dona Ines de Collahuasi mine has been lasting for 33 days already. But until Monday the company has managed to perform the contracts.
Copper futures refreshed multi-month highs amid growing demand for “red metal” and suspended distribution in Chili.
Moreover, copper prices advanced because of the enhancing prospects of economic growth in the US and China. Copper is used extensively in industry, therefore any signs of economic growth indicate improving demand for metal.
_source!.png)
