Copper prices rose in New York, extending a six-week rally that is the longest since May, on speculation that supplies will be disrupted at mines in Indonesia and Argentina.
Workers at the Grasberg mine in Indonesia plan a “rally” starting April 18 that will last until owner Freeport-McMoRan Copper & Gold Inc. agrees to raise wages, said Frans Pigome, who heads the local group behind the action. In Argentina, Xstrata Plc delayed some copper shipments after a flood disrupted rail services. Prices have risen 47 percent in the past 10 weeks.
The disruption of supply “only adds fuel to the bullish fire,” said Jim Wyckoff, senior markets analyst at TradingEducation.com in Wesley Chapel, Florida. “The market is technically and fundamentally bullish.”