LME, Copper Is Seen Trading At $6670, Up By $11
CommodityOnline | Apr 02, 2014 07:05AM ET
Copper’s 3 month forward prices at the LME traded steady in the last trading sessions and ended the day at $6660, up by $15 from its previous close. Likewise, the SHFE and COMEX copper prices also rose slightly. At the domestic market, April futures ended the day at Rs 403.75. We had a very lacklustre day on Tuesday while the daily inventories at the LME continued to decline and stayed at 0.263 million tons, down by around 2000 tons. This morning at the LME, copper is seen trading at $6670, up by $11 from its previous close.
Copper climbed for a second day to a three-week high on concerns that an earthquake in Chile, the world’s biggest producer, may disrupt supplies. A tsunami warning was issued for Chile, Peru and Ecuador after the U.S. Geological Survey reported the earthquake off the coast of Chile. Codelco, the world’s largest producer, said its mines located in the Antofagasta region further south were unaffected. Pan Pacific Copper Co., Japan’s biggest producer said there’s no damage at its Caserones mine. We believe that this news may keep the copper market worried and may disrupt supply. We may have to look at further developments on this, because of which copper prices may remain higher.
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