Copper advances for second day in Asia on Freeport strike news
Copper rose for a second day in Asia, as workers at Peru's third-largest copper mine plan to go on strike next week, raising concerns that supplies may be disrupted.
By Bloomberg |
SINGAPORE : Copper rose for a second day in Asia as workers at Peru's third-largest copper mine plan to go on strike next week, raising concerns that supplies may be disrupted.
Copper for delivery in three months rose 45 dollar, or 0.6 per cent to 8,255 dollar a metric ton on the London Metal Exchange. September delivery on the Shanghai Futures Exchange added 0.6 per cent to 9,166 dollar a ton.
Copper rose on expectations the dollar may fall against the euro and yen on speculation losses will deepen at Fannie Mae and Freddie, the largest US mortgage finance companies.
Copper also climbed as crude oil prices gained and on expectations the dollar may decline against the euro and yen, boosting demand for alternative investments.
Workers at Freeport-McMoRan Copper and Gold's Cerro Verde unit, who staged an 11-day strike last month, will walk off the job on July 16 to push for better working conditions and for fired workers to be reinstated.
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