The three-month copper price continues to rally higher, up a further $34 per tonne this morning as it continues to push back up toward the $6,800 per tonne level.
Copper prices have been supported by expectations of supply disruptions and tightened supply.
“Investors were also induced to cover some bearish trades as the outlook for further supply disruptions darkened. With prices pushing higher, the likelihood of strike action in Chile is increasing. Next year, nearly three quarters of the country’s supply is susceptible to strike action as wage contracts expire,” ANZ Research said.
Workers at Teck Resources Ltd’s Quebrada Blanca copper mine in Chile are preparing to go on strike after their contract expired at the end of November...