Just when you thought (hoped) that copper couldn’t go any higher …
Prices in the US rose overnight on news of the Codelco strike. Company officials claimed that output had not been hurt by the strike but there was widespread concern in the market over possible disruptions to supply from Codelco which produced 1.84m tonnes of copper in 2004.
Copper’s gains rubbed off on aluminium which increased marginally from the seventeen year peak reached on Wednesday. Three-month aluminimum traded at $2,309.5.
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