Base Metals Preview: Supply Concerns Drive Copper To Three Month High

COMEX Copper futures rose near three month high yesterday on supply fears and supportive equities. The metal has been in a good form over the last few days as labor negotiations in Chile raised concerns over the possibility of supply disruptions in the markets. Workers at the Escondida copper mine in Chile are demanding a one-time bonus equivalent to 4% of dividends distributed to BHP shareholders in 2017. World stocks edged higher as optimism for the worlds largest economy helped investors put concerns over trade protectionism aside. However, the metal slipped a little in Asia amid profit selling, currently quoting at $ 3.19 per pound, down 0.44% on the day. MCX Copper futures closed at Rs 474.80 per kg, up 2% on the day on massive buying support.