Copper Prices Decline Following Escondida Mine Strike Resolution

Saturday, 17 August 2024, 03:36

Copper prices have fallen as the Escondida copper mine strike ends, easing global supply concerns. Industrial metals face challenges in the market, largely due to weak demand from China, impacting the broader outlook for copper. Analyst Ewa Manthey highlights ongoing risks despite temporary supply relief.
Indiatimes
Copper Prices Decline Following Escondida Mine Strike Resolution

Copper Prices Decline Following Escondida Mine Strike Resolution

Copper prices have fallen as the Escondida copper mine strike ended, alleviating concerns surrounding global supply. On the London Metal Exchange, three-month copper saw a decline of 1.1%, settling at USD 9,050 per metric ton. Notably, this comes after fears of a supply disruption that had propelled a temporary surge in prices.

Challenges Ahead for Industrial Metals

While the strike at Escondida, the world's largest copper mine, lasted only three days, the market remains influenced by the industrial metals trends and the LME. With China, the top metals consumer, facing a constrained demand outlook, risks loom for copper prices in the forthcoming weeks. Analyst Ewa Manthey from ING cautions against premature optimism in the face of these supply changes.

  • Escondida accounts for nearly 5% of global copper supply.
  • Historical context: A 44-day strike in 2017 caused a copper price rally.
  • Recent price trends suggest a potential weekly gain of 2.4%.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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