The copper price climbed to the highest since 2011 as the global recovery from the pandemic extended a rally in metals markets— and as port workers in Chile called a strike.
Copper for delivery in May was up 2% on Monday, with futures at $4.4425 per pound ($9,795 a tonne) on the Comex market in New York.
Top producer Glencore’s shares were up 3.3% on Monday, while Freeport-McMoRan was up 6.6% in New York. Vale, BHP, and Rio Tinto shares were also up around 1.5%, also benefitting from an iron ore price jump.
Port workers in Chile, which accounts for about a quarter of the world’s copper supply, called a strike for Monday in response to President Sebastian Pinera’s move to block a bill allowing people to make a third round of early withdrawals from their pension funds.
“The threat of covid-19 in nations in South America could hamper the export of key industrial commodities like iron ore and copper,” Gavin Wendt, senior resource analyst at MineLife Pty, told Bloomberg.
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