Who would imagine that the world (and world prices) would become so interconnected so quickly.
Copper may fall this week after the Grasberg mine in Indonesia, the world’s second biggest for copper, resumed operations following the end of a three-day blockade, easing concern about a shortage of the metal.
Six of 11 traders, analysts and investors polled by Bloomberg on Feb. 23-24 said copper will be little changed and four said it will drop. One forecast a gain.
Operations were stopped at Grasberg on Feb. 22 after villagers demanding to be allowed to sift through ore in the company’s waste piles blocked a road leading to the site. The blockade was lifted at 6 p.m. Jakarta time Feb. 25, Freeport spokesman Siddharta Moersjid said in a telephone interview.
“Workers have returned and started the evening shift,” Moersjid said. “The blockade was opened voluntarily, and the protesters have given their demands to Freeport and the local administration. We will continue discussing their demands.”