Copper Prices Rise on Possible Supply Disruption at Codelco
By Millie Munshi
Jan. 9 (Bloomberg) -- Copper prices rose in New York, erasing earlier losses, after Codelco, the world's biggest producer, said there is a risk of a rockslide at its largest mine.
Codelco, which is owned by the Chilean government, didn't say whether such an accident would reduce production at its Chuquicamata mine in northern Chile, where a cave-in last year cut output. Copper has gained 21 percent in the last year as mine accidents and labor disputes caused supply disruptions.
The ``potential supply impact'' may be bolstering prices, said Donald Selkin, director of equity research at Joseph Steven & Co. in New York. ``It's a temporary relief in a market that is still in a downward trend.''
Copper futures for March delivery gained 1 cent, or 0.4 percent, to $2.538 a pound at 11:58 a.m. on the Comex division of the New York Mercantile Exchange. Earlier, prices fell as much as 1.3 percent to $2.495.
A futures contract is an obligation to buy or sell a commodity at a fixed priced for delivery by a specific date.
On the London Metal Exchange, copper for delivery in three months fell $6 to $5,600 a metric ton at 4:59 p.m. local time. Prices have tumbled 36 percent from a record $8,800 in May.
- Forums
- ASX - By Stock
- BHP
- copper prices rise on possible supply disruption a
copper prices rise on possible supply disruption a
-
- There are more pages in this discussion • 13 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add BHP (ASX) to my watchlist
(20min delay)
|
|||||
Last
$38.91 |
Change
0.000(0.00%) |
Mkt cap ! $197.4B |
Open | High | Low | Value | Volume |
0.0¢ | $39.19 | $38.80 | $20.53M | 515.6K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 17590 | $42.80 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$36.50 | 601 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 17590 | 42.800 |
5 | 921 | 41.870 |
1 | 200 | 41.800 |
3 | 10385 | 41.520 |
4 | 303 | 41.070 |
Price($) | Vol. | No. |
---|---|---|
36.500 | 601 | 3 |
36.970 | 3414 | 5 |
37.000 | 2268 | 7 |
37.800 | 132 | 1 |
37.890 | 21172 | 3 |
Last trade - 09.45am 06/09/2024 (20 minute delay) ? |
Featured News
BHP (ASX) Chart |
Day chart unavailable