Copper Stays Buyoant, Up Nearly 4% This Week

Three-month copper on the London Metal Exchange climbed around 0.6 percent to $ 7,261 a tonne yesterday- approaching its 2018 highs. The metal has recorded handsome gains in local markets too. MCX Copper is currently trading at Rs 485 per kg, up 0.9%. COMEX Copper is currently up 0.80% at $ 3.28 per pound. Copper rose more than 2% in Shanghai on Thursday to hit a fresh 3-month top. Prices have soared this week on concerns over supply disruption in Chile and a weaker dollar index. Copper has gained around 4% this week after the union at BHPs Escondida mine in Chile, the worlds largest, said on Friday it had started the latest round of wage negotiations. Failure to reach a deal last year triggered a strike that resulted in a near 8% drop in annual Copper output.