The price of copper surges to £5.19 / kg as LME stocks fall to 176 kT on supply side fears.
Workers at Antofagasta’s Zaldivar mine in northern Chile are set to down tools this week having dismissed the latest pay offer.
Codelco, the world’s top copper miner, recently decided to scale back its operations in an attempt to contain outbreaks of coronavirus in its workforce
Severe flooding in Jiangxi, southeast China, which is home to one of the country’s biggest copper mines could cause supply problems within China.
China, the world’s largest consumer of raw materials, will report a return to growth on Thursday showing that demand is recovering.
Until supply side issues are resolved I expect the price of copper to stay above £5/kg.