Chilean mine closures support copper prices
Copper prices reversed overnight losses and found support on the back of mine closures in Chile.
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Heavy rainfall in the country’s Atacama region caused massive flooding, triggering the closure of major mines in the area including Chuquicamata and Radomiro Tomic.
Both mines are owned by government operator Codelco, the world sixth-largest copper exporter by volume.
In early Asian trading on Thursday, copper for three month delivery was up 0.2% to $6,138.50 per metric ton.
As the problems surfaced, copper rose by around 0.5% at one point marking the longest rally in nearly six weeks.
The rebound reversed much of Wednesday’s 0.3% decline after US durable goods orders posted an unexpected declined.
The disruption is likely to last a while as Reuters reports road closures and regional flooding throughout the affected parts of the country.