Return of Chinese investors and strike in Chile push copper prices higher
Copper futures on the London Metal Exchange gained value alongside the reopening of Chinese markets and a strike at the Centinela mine.
With markets reopening in China after a one-week holiday and a strike beginning at the Centinela copper mine in Chile, copper futures on the London Metal Exchange rose by up to 1.2%.
Reopening of Chinese markets
Copper recorded an upward movement as markets in China reopened following a one-week holiday. Copper futures on the London Metal Exchange increased by up to 1.2%.
Centinela strike in Chile
Another main factor supporting copper prices was the strike that started at the Centinela copper mine in Chile. The strike initiated by two unions at the mine operated by Antofagasta is expected to impact production in about two weeks.
Company statements and expectations
Despite the possibility of disruptions in the production process, the company announced to the public that there is no change in its current production target.
US Federal Reserve policies
Investors in global markets continue to closely monitor the interest rate policy of the US Federal Reserve. High interest rates remain among the key factors suppressing demand for non-yielding commodities.