Copper prices rose after European auto sales surprised the market with their first increase in 20 months, and as one of the world's largest copper mines remains shut following a fatal accident.
Copper prices advanced on the news as copper electrical wires, heating elements and tubing is widely used in automotive production, and the brighter data are considered a signal of stronger future demand for the industrial metal.
Copper prices are also drawing support from the work suspension following a fatal accident at Freeport McMoRan Copper & Gold Inc.'s (FCX) Grasberg mine in Indonesia. The company halted output at the world's third-largest open pit copper mine to focus on the rescue of 25 workers trapped after an underground tunnel caved in on Tuesday.
Copper is widely used in everyday goods like cell phones, laptops and cars, and demand for these products tends to increase when consumers have more confidence in the economy.
Geen opmerkingen:
Een reactie posten